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Technical Analysis
Aluminnium OverBought on Stochastic 12.08.2014
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12 August, 2014, 3:17 PM
Aluminum August contract settled at 124.35 up by 0.45 rupees. Today resistance would be 125 above that 126-127 is likely. Overbought reading on stochastic hints a possible trend reversal from key resistance zones of 124-127 zones. Support is now seen near 123 any failure below that would call for 121.50 and more down side.
Aluminium trading range for the day is expected among the key support at 123 and resistance at 125.
Recommendation:
· Buying above 125 with stop loss below 123.90 for targeting 125.40-126.50 and more upside might be appropriate.
· Selling can be taken below 123 with stop loss above 124 for targeting 122-121-120 and more down side.
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