December 12, 2017

MTECHTIPS;- Aluminium: Take a short sell position only below Rs.111.80

 

Aluminium December futures is trading near to 38.20% Fibonacci support level. If prices today sustain below Rs 111.80 level, which is 38.20% Fibonacci support level, then it may further move down and touch to 61.80% Fibonacci retracement level.Best strategy for an intra-day trader is to take a short sell position only below Rs.111.80. On India’s MCX, aluminium for delivery on 31 Decmber, 2012 was seen trading at Rs.112.30 with nil fluctuations against the previous close as of 11.12 AM IST.“You have what I would call an artificial tightness in the market and that’s created by financing,” said Jeremy Baker, who manages about $850 million of assets at the Vontobel Belvista Commodity Fund in Zurich to Bloomberg on international scenario.“If you look at it from a purely fundamental aspect it is probably one of the metals that is the least attractive, primarily due to excessive supply.” he added.Aluminum has climbed by 2.7% to touch $2,075 on the LME this year.

 

 

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