The aluminium futures contract on the Multi Commodity Exchange (MCX) surged 4.5 per cent in the past week. The contract recorded an intraweek high of ₹122.6/kg but closed the week at ₹120. 6.On Monday, it opened with a gap-up and was trading at around ₹121.3. The immediate outlook is not clear. A range bound move between ₹119 and ₹123 is possible in the near term. A breakout on either side will decide the next leg of move.
The bias is bullish. So, there is a strong likelihood of the contract breaking above ₹123 in coming days. This can take it higher to ₹126 initially. A break above ₹126 will see the upmove extending to ₹130 and ₹131.Traders with a short-term perspective can make use of dips to go long near ₹120. Stop-loss can be placed at ₹115.5 for the target of ₹127. Revise the stop-loss higher to ₹122 as soon as the stock moves up to ₹125.
The 21-day moving average around ₹117 is a key support. The outlook will turn negative if the contract falls below this. The next targets will be ₹114 and ₹112.5.On the global front, spot aluminium prices on the London Metal Exchange (LME) have been range-bound between $1,700 and $1,780 a tonne since the beginning of this month.
A strong trend-line support is at $1,700, leaving the bias bullish for a break above $1,780 in coming days. This can take it to $1,850 and $1,870. The outlook will turn bearish for a fall to $1,630 only if spot prices fall below $1,700 decisively.
Read more- https://www.goldcruderesearch.com/comex.php
The bias is bullish. So, there is a strong likelihood of the contract breaking above ₹123 in coming days. This can take it higher to ₹126 initially. A break above ₹126 will see the upmove extending to ₹130 and ₹131.Traders with a short-term perspective can make use of dips to go long near ₹120. Stop-loss can be placed at ₹115.5 for the target of ₹127. Revise the stop-loss higher to ₹122 as soon as the stock moves up to ₹125.
The 21-day moving average around ₹117 is a key support. The outlook will turn negative if the contract falls below this. The next targets will be ₹114 and ₹112.5.On the global front, spot aluminium prices on the London Metal Exchange (LME) have been range-bound between $1,700 and $1,780 a tonne since the beginning of this month.
A strong trend-line support is at $1,700, leaving the bias bullish for a break above $1,780 in coming days. This can take it to $1,850 and $1,870. The outlook will turn bearish for a fall to $1,630 only if spot prices fall below $1,700 decisively.
Read more- https://www.goldcruderesearch.com/comex.php
No comments:
Post a Comment