According to Sharekhan, one can buy or accumulate Aluminium on dips till Rs 124 for an upside target of Rs 126-127 levels.
As one can see from the adjacent chart, MCX aluminium August contract has given a break-out of a triangular pattern on the one-hour chart to trade at an all-time high level. The trend line break-out on price, the Relative Strength Index and the Momentum with a huge volume suggests bullishness on the commodity. The other technical observations are: the Relative Strength Index is valued at 66, the Momentum is valued at 1.05, the Positive Directional Indicator is valued at 30 and the Negative Directional Indicator is valued at (13). One can buy or accumulate on dips till Rs 124 for an upside target of Rs 126-127 levels. Trade below Rs 122.50 will negate the bullish view.
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Buy Aluminium on dips; target of Rs 126-127: Sharekhan
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