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Aluminum Bulls take charge


Adjacent chart shows price movement of MCX Aluminum continuous contract. It was consolidating in a flag pattern. In Tuesday’s trading session, Aluminum broke out from the flag pattern and in today’s trading session, it has seen a follow through. It is likely to inch higher towards 142 – 146 levels in the coming trading session. On the way down, the zone of 136.50 – 135.50 is likely to act as strong support. Dips shall be seen as a buying opportunity as long as it is trading above the swing low of 131.50. The daily momentum indicator has turned positive.
 
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