Aluminum Futures (MALc1) hit a high of 2700+ but retraced to a strong support at 2200. We might see it pulling up to test $2300 to $2400 but would fail with a down trend testing $2000 again. This is what's happening in the global Aluminum Markets, which is negative for ALUMEX, due to the volatile price movements. However the expectation of the trend failing to test $2000 and settling at that or below will be POSITIVE for the counter.
Present price movement in ALUMEX shows a support at 16.60. This was tested during this week and managed to survive. That's a good thing for the moment. Anyone wants to trade can do so with a stop at 16.50, =/10 cents lower than the said support. On the up side 18/= acts as the resistance, and a break out above will take it up to test 19/= and 20/= resistance levels.
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