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Aluminium Technical Outlook 22.05.2014

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Posted by : Nifm
22 May, 2014, 1:31 PM
Aluminium Technical Outlook 22.05.2014
Aluminum May contract settled at 102.05 up by 5 paisa. Aluminum bears don’t have enough power to breach 101 levels and hovering near the same. Oversold reading on stochastic indicator hints a possible recovery. Today price objective for bulls would be 102.60 any move above that level would bring 103.30 and more upside. Support is now seen near 101 any sustained move below that level would bring more weakness and then we may see 100-99 and more down side. Aluminium trading range for the day is expected among the key support at 101 and resistance at 103.5. Recommendation: Buying aluminum around 102-101 with stop loss below 100 (closing basis) for targeting 103.50-105 and more upside might be appropriate in short term. 

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