Aluminum Short Term Bearish, Tgt 115
CommodityOnline | Sep 22, 2014 07:14AM ET
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. 115.
As per our previous recommendation dated 18th September 2014 of going Short on MCX Aluminum , our of Rs. 117.8 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. We recommend to initiate fresh short at current level and on the rise towards Rs. 120.5 for the target of Rs. 115.
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. 115.
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