ALUMINIUM
DROPPED TO 5-WEEK'S LOW AT MCX
DATE: 05/06/2012
Aluminium dropped to
5-week's low by 0.6% or Rs 0.6 at Rs 108.25 per kg with an intraday high at Rs
108.8 per kg and low at Rs 108.1 per kg on Monday, 4th June. Aluminium
recovered huge losses during the morning session and edged up at MCX. The
contract traded below 9-day EMA and found to be oversold region with its RSI at
28.6.
The falling Spain and
Italy bond yields coupled with the lower prices below the cost of production
foared the metal to edge up. But, the dragonfly doji reflects that aluminium
might rise on Tuesday, 5th June. MCX Aluminium was finding strong support at Rs
107.8 per kg and Rs 107.5 per kg and resistance at Rs 108.9 per kg and Rs 109.3
per kg.
POWERED BY: COMMODITY INSIGHTS
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