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Aluminium Dragon Fly Doji on daily chart 18.06.2014

Aluminum June contract settled at 109.75 up by 10 paisa. Aluminum settled with a dragon fly doji candlestick patter after 2 days of bullish move. Stochastic is forming a bullish cross that may support prices at 50 days SMA that stands near 108.90 zones. Today price objective for bears would be 108.90 and then at 108 any sustained move below 108 may trigger some bearishness and we may see 107 and more down side. Resistance is now seen near 110.20 any move above that level would bring 111 and more upside.

Aluminium trading range for the day is expected among the key support at 108.8 and resistance at 109.7.

Recommendation:

·         Buying can be taken around 109.60 with stop loss below 108.80 for targeting 110.40-111.30 and more upside.

·        In alternative scenario selling below 108.80 with stop loss above with stop loss above 109.80 for targeting 107.60-106 and more down side. 

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