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Aluminium Technical out look for short term trading 24.09.2014

Aluminum September contract on MCX settled at 118.20 down by 0.95 rupees.

Bulls could not show their power even after appearance of a bullish hammer candlestick pattern and settled with negative note. Today price objective for bulls would be 119.40 any sustained move above that level would bring some charm and then we will see 121 and then 123. Support is now seen near 118 and then at 117 any sustained move below 118 marks would bring retest to 117.50-117 zones whereas failure of 117 would result in a decline towards 115 zones.

Aluminium trading range for the day is expected among the key support at 117 and resistance at 119.30.

Recommendation:

·         Buying aluminum around 118.50-118.30 with stop loss below 117.30 for targeting 120-121 and more upside might be appropriate.

·         In alternative scenario buying above 119.30 with stop loss below 118.70 for targeting 120-121 and more upside might be appropriate.

·         Selling below 117 with stop loss above 117.80 for targeting 116-115 and more down side might be appropriate. 

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