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Technical Analysis
Aluminium bearish harami candlestick pattern on daily chart 11.06.2014
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11 June, 2014, 5:23 PM
Aluminum June contract settled at 111 down by 1.70 rupees. Metal traded with a bearish note and settled with a bearish harami candlestick pattern. Today support would be 110.90 any sustained move below that level would bring 109.50 and more down side. Resistance is now seen near 112.75 and then at 113 any sustained move above that level would bring more charm and then we may see 114-115 on cards.
Aluminium trading range for the day is expected among the key support at 109.9 and resistance at 113.
Recommendation:
Today again buying aluminum around 112-111.80 with stop loss below 110 for targeting 114 and more upside might be appropriate.
In another scenario buying above 113 with stop loss below 112.50 for targeting 114-115.
Selling can be taken on jumps around 114.60-115 with stop loss above 116 for targeting 113-112 and more down side.
Selling can be taken below 109.90 with stop loss above 110.50 for targeting 109.20 and more down side.
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