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Aluminium Technical Outlook for intraday 17.07.14

Aluminum July contract settled at 117.95 up by 0.55 rupees. Aluminum headed an intraday high of 119 and then a nice profit booking seen from higher levels. Volume bar is also higher then recent days that hints yesterdays sessions high can be a strong resistance for near term. Today price objective for bulls would be 119 any move above that level would bring 120-122. Support is now seen near 117 below that we will see a retest to 116-115 zones.

Aluminium trading range for the day is expected among the key support at 115 and resistance at 120.

Recommendation:

·         Today selling aluminum on jumps around 118-119 with stop loss above 120 (closing basis) for targeting 116-114 and more down side might be appropriate.

·         In alternative scenario selling below 115.30 with stop loss above 116.20 for targeting 113.50 and more down side might be appropriate. 

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