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Aluminium Technical View 31.07.2014

Aluminum July contract settled at 121.90 up by 3.20 rupees. Aluminum has jumped nicely after hitting a low of 118.25 which was also supported by rising trend line and 20 days SMA. Today price objective for bulls would be 122.10 and then at 123 any sustained move above 123 would call for 124-127. Support is now seen near 118 and then at 117.70 any move below 117.70 would bring 115.50 and more down side.

Aluminium trading range for the day is expected among the key support at 118 and resistance at 122.1.

Recommendation:

·         Today buying aluminum on declines around 121-120.70 with stop loss below 119.80 for targeting 122-123-124 and more upside might be appropriate.

·         In alternative scenario buying above 122.10 with stop loss below 121.60 for targeting 122.70-123.40 and more upside might be appropriate.

·         Selling below 118 with stop loss above 119 for targeting 117-115.50 and more down side might be appropriate.

 

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