Technical Outlook & Trading Strategy:-
The price of Aluminium has gone through a sharp correction since it registered a high of Rs 124.15 levels on 03rd May, 2011.
But, the prices of Aluminium witnessed a smart recovery from the lows of Rs 110.85 levels to close at
the Rs 114 levels during the previous session.
We would like to point out that the prices of Aluminium has strong support between the Rs 110.50—Rs 111 levels.
The RSI indicator has also given a fresh buy signal backed by a positive divergence which is also a positive sign for the future price movements of Aluminium.
Traders can go long in this counter on dips to Rs 113.25—Rs 112.50 levels with a stoploss placed below Rs 111.60 levels and hold for upside targets of Rs 114 /Rs 115.25 levels.
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