AHMEDABAD （Commodity Online）: MCX Aluminium Feb contract yesterday traded in green during the day and closed at 115.55 up by 0.35% but pressure could be seen at higher levels as China's central bank announced yesterday to raise further lending and deposit interest rate for financial institutions by 25 basis points. But investors are still positive towards the metal demand.
For today's trading session MCX Aluminium Feb contract is looking to take support at 114.5, a break below could see a test of 113.5 and where as resistance is now likely to be seen at 116.3, a move above could see prices testing 117.
14 Days RSI is currently indicating at 61.1 which shows that Aluminium prices may go up in near future. Short term traders can buy MCX Aluminium Feb contract near 114.3 with the stop loss of 112.8 and can wait for the targets of 116.3 and 117.5.
MCX Aluminium Feb contract trading range is 113.7-117.
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