Aluminum Short Term bearish, Target 117.8
CommodityOnline | Sep 19, 2014 01:03AM ET
Prices are expected to witness further down side from current levels and hence we recommend to go short in Aluminum on rise towards 121.5 for the target of Rs. 117.8.
As per our previous recommendation dated 15th September 2014 of going Short on MCX Aluminum , our of Rs. 119.9 is achieved. Hence, in our view, profits on Short positions (as per our previous recommendation) should be booked at the current levels and fresh Short positions should be initiated on rise. Prices are expected to witness further down side from current levels and hence we recommend to go short in Aluminum on rise towards 121.5 for the target of Rs. 117.8.
The 14- period RSI is currently pointing lower indicating negative momentum for prices. Hence, we recommend to sell the commodity for the target price of Rs. 117.80.
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