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Aluminium futures, over the past week, has seen a rise in price. Nevertheless, the price largely seems to be moving in a range since early October, lacking momentum on both sides.
The November expiry aluminium futures on the Multi Commodity Exchange (MCX) has been oscillating between ₹233 and ₹248 since the beginning of October.
Although it rebounded from the support at ₹233 last week, it fell short of surpassing the barrier at ₹248. If this level is breached, aluminium futures can establish a fresh leg of rally to ₹260.
On the other hand, if the contract declines from the current level of ₹243 and slips below the support at ₹233, the outlook can turn negative. Support levels below ₹233 that can potentially arrest the decline are ₹220 and ₹210.
Trade strategy
Stay on the sidelines. If the upswing that took off last week builds enough momentum to lift aluminium futures above ₹248, traders can go long with a stop-loss at ₹242. Book profits at ₹260.
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