Technical Outlook & Trading Strategy:-
The price of Aluminium appears to be forming a head and shoulder pattern on its daily charts.
A breakdown from the said pattern would be confirmed when the price breaks below neckline support level of Rs 111.90 levels.
Traders can look to sell below Rs 111.90 levels for the targets of Rs 110.50 / Rs 109 levels.
Once the price trades below Rs 111.90 levels, the price of Aluminium will witness heavy selling pressure.
A stop loss of Rs 113.10 have to be maintained on short positions taken below Rs 111.90 levels.
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