MCX Aluminium falls on sluggish demand

AHMEDABAD （Commodity Online）: MCX Aluminium Jan contract prices turned marginally positive and settled at 109.75 on Saturday.

Today MCX Aluminium Jan contract touched a low of Rs 109.85 after it opened at Rs 109.95, and last traded at Rs110.05 up by 0.30 rupees.

For today’s session, MCX Aluminium Jan contract is looking for the resistance at 111.10 and a move above could see prices testing at 112.35, while support levels is 109.2 and break below price can touch 108.7 levels.

Technically, MCX Aluminium looks weak as 14 days RSI currently indicating at 47.71 and it may go down near future. Short term traders can sell MCX Aluminium Jan contract near 111.1 with the stop loss 112.35 and can wait for the targets of 109.8 and 109.1 according to Tarang Parmar, Research Analyst with Commodity Online.

MCX Aluminium Jan contract trading range is 108.9 to 112.35