India: Aluminum fall on Dollar strength

AHMEDABAD （Commodity Online）： Aluminum April contract has moved down by 2% during trading session in MCX due to Dollar strength.

Aluminum opened at Rs 107.15 per Kg and made low of 104.50 while it made high of 107.15. Total volume is around 5308 lots and open interest is around 2175.

“Technically, resistance level is at 107” said Hardik Shah, Sr. Commodity Analyst with Commodity Online.

Aluminum has fall from 109.20 to 104.5 within last 3 trading days.14 days RSI for Aluminum is at 53 and is decreasing continuously on selling pressure.

“Fundamentally, Aluminum is strong. One can make short position at 101 levels for long term.” said Shah.