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Aluminium Technical Report for 3-4 days

Aluminium April contract on MCX closed at 113.75 it is down by 90 rupees. Aluminium closed with a strong bearish candle that is called handing man candlestick pattern on the daily chart. For today support will be around 113.40 if sustained below 113.40 more weakness possible and the next level is around 112.20-111.50. Today’s Resistance is now seen near 116 if sustained above that level will bring some charm and then we will see this counter heading towards 117-119.

MCX Aluminium trading range for the day is between the support at 113.9 and resistance at 116.

Recommendation:

·         Aluminum sell on rally around 114.80-115.50 sl above 116.10 target 112.70-111.

·         Or sell below 113.90 sl above 115 trgt 112.80-112 and more.

·         Buy only above 116 sl below 114.70 trgt 117-117.80 and more. 

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