Aluminum November contract on MCX settled at 127.85 up by 0.70 rupees.
Aluminum is continued hovering near the upper end of a bullish flag formation and hesitating to cross 129 which is also a very strong resistance. Today support would be at 126.65 and then at 126 any sustained move below 126 would bring 125-124 on cards. Key support would remain at 124 and below that 122 possible. Resistance is now seen near 128.20 and then at 129 any sustained move above 129 and closing above the same would call for 133 and more upside.
Aluminium trading range for the day is expected among the key support at 126 and resistance at 129.
Â· Today buying aluminum around 127.20-127 with stop loss below 126.20 for targeting 128-129-132 and more upside might be appropriate.
Â· In alternative scenario selling below 126 with stop loss above 127.20 for targeting 125-124 and more down side might be appropriate.
Â· In alternative scenario buying above 128.20 with stop loss below 127 for targeting 129-130 and more upside might be appropriate.
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