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On the Multi Commodity Exchange (MCX), aluminium futures were mostly trading within the range of ₹199 and ₹202 during the period between February 2 and February 16. Monday saw the contract settle at ₹197.45, breaking below the range.
The likelihood of a further decline is significant because the contract has produced a lower low on the daily chart, and the overall trend has been bearish. While there is support at ₹192, we believe that aluminium futures will soon fall below ₹186.
To convert the trend bullish, aluminium futures should surpass the barrier at ₹205 during a recovery. such a move takes place, the contract may increase to ₹215 or even ₹220. However, the bias is currently bearish.
Short aluminium futures now at ₹196. Add shorts if the contract rises to ₹200. Place stop-loss at ₹204. When the price below ₹190, tighten the stop-loss to ₹195. Book profits at ₹186.
Also Read : Aluminium prices hit a two-week high due to Russian supply concerns Aluminium futures fall on low demand
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