MCX Aluminium December contract has plunged by nearly 1% over the course of the week, currently trading at 242.10 - Choice Broking Ltd
Aluminium
MCX Aluminium December contract has plunged by nearly 1% over the course of the week, currently trading at 242.10. Earlier, price has traded in a tight range of 243 – 247. Price has formed Descending Triangle formation and breakthrough 20-EMA level on Daily chart placed at 243.27. Crucial support would be at Daily SAR level (Stop & Reverse) currently placed at 238.60. Breakout of this support will accelerate downward momentum in Aluminium in upcoming sessions.
On Spread chart of December & January contract of Aluminium, Spread levels has rebounded from the dip of -3 and currently trailing around -2.25. Key hurdle would be at -1.40. Traders may opt for Buy Spread strategy in Aluminium.
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