Aluminum Aug In Short Term Bullish, Tgt 124/126
CommodityOnline | Jul 31, 2014 03:18AM ET
Prices are now expected to trade higher eyeing upper band of channel at Rs. 123. Hence, we recommend to go long on decline with stop loss below Rs. 118.90.
MCX Aluminum prices are trading in a primary up trend indicated by higher tops higher bottoms. Prices on daily chart as shown above(continuous chart) are trading in an upward slopping trend channel and have taken support of support line S at Rs. 118.25 and rallied with higher volumes. Prices are now expected to trade higher eyeing upper band of channel at Rs. 123. Hence, we recommend to go long on decline with stop loss below Rs. 118.90.
Also, the 14-period RSI is trading above 50 mark indicating bullish momentum for the prices. We advice to go long on MCX Aluminum on decline for the target of 124 and Rs. 126.
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