Aluminium yesterday traded with the negative node and settled -1.18% down at 87.6. Some support had been seen from the LME stock also which came down by -7300mt, the total stock at LME is now at 4541150mt.
In yesterday's trading session aluminium has touched the low of 87.2 after opening at 88.35, and finally settled at 87.6.
For today's session market is looking to take support at 87.1, a break below could see a test of 86.6 and where as resistance is now likely to be seen at 88.2, a move above could see prices testing 88.9.
Trading Ideas:
Aluminium trading range is 86.6-88.9.
Aluminium ended down tracking weakness in other base metals
Support for aluminium is at 89.60 and resistance is at 92.40 level.
Aluminium weekly stock at Shanghai exchange came up by 1552 tonnes.
SELL ALUMINIUM JUNE BELOW 87 SL 88.10 TGT 86.20-85.40.MCX
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