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Aluminium Technical Outlook for short term / intraday trader

Aluminum March contract settled at 105.55 down by 1.35 Rupees. Today price objective for bears would be 105 any move below that level would bring more weakness and then retest to 104-103 and then 101 is likely. Resistance is now seen near 107.85 any move above that level would bring some charm and then retest to 109 and more upside may take place.

Aluminium trading range for the day is expected among the key support at 103 and resistance at 108.

Recommendation:

·         Today selling aluminum on jumps around 106.30-106.60 with stop loss above for targeting 105-104-103 and more down side might be appropriate in short term.

·         Selling aluminum below 105 with stop loss above 105.80 for targeting 104.40 and more down side might be appropriate.

·         Buying can be taken above 108 with stop loss below 107 for targeting 109-110 and more upside. 

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