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Aluminium prices experienced some significant fluctuations last week. At first, the Multi Commodity Exchange (MCX) Aluminium Futures contract spiked up to ₹252.10 per kg. However, it then dropped precipitously, giving up all of the gains and hitting a low of ₹236.85. Since then, the contract has somewhat increased in value and is now trading at ₹243.50 per kg.
Support is approximately ₹240. The short-term picture may be favourable as long as the contract remains above this support. Another hike to ₹250–252 is seen. A trading range of ₹240-₹252 is projected for now. Flat moving averages also encourage a range-bound trend on the charts for a while.
So, a breakout on either side ₹240-₹252 will be needed to determine the next leg of the move. A break below ₹240 can take it down to ₹237 – the next support. A further break below ₹237 can drag the MCX Aluminium Futures contract further down to ₹230-₹229 in the short term.
On the other hand, a decisive break above ₹252 will be bullish. It can then take the contract up to ₹256-257.
Traders can stay out of the market at the moment. Although the contract is holding well above ₹240, we may have to wait and watch if a strong follow-through rise occurs in the next few days. As such, wait for the MCX Aluminium contract to break out on either side of ₹240-₹252 and then take trades accordingly.
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