The continuous futures contract of aluminum
Exchange of multiple products (MCX) turned positive in May
Last year. The development continued unabated
Fixes and latest. The quarter of the rally was established in early February. The nearest expiration date is May
the future deal started Rally with price group
Base ₹ 161 and ₹ 163 as its base.
Is upwards So far it has been stable and the deal has touched a high of ₹ 190 last week. He said that the bulls seem to be picking one up break the deal now moves sideways for the past week.
That it is, it is inside resistance 190 and support band of band ₹185 and ₹ 186.
Since the main trend until the deal is possible
to violate the on ₹ 190. The short term may change
Only if in favor of bears contract breaks below
Support ₹ 179.
So, until then, price correction if something can be used
make new long entries. Supporting the development, the
moving average accumulation difference indicator
is on the daily chart finding the path upwards from the beginning
This is the monthly and daily relative strength index in the positive region.
Also, price trade comfortably above
Both 21 and 50 days moving average.
Considering these factors, one can be positive
Aluminum. But from ₹ 190 resistance level for May
in the future, traders may wait now go ahead longer
₹ 190; maybe in stop-loss ₹ 186.