Aluminium futures lack momentum bl-premium-article-image

Akhil NallamuthuBL Research Bureau Updated - November 20, 2024 at 04:47 PM.

The November futures is stuck between ₹233 and ₹248

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.

Published on November 20, 2024 11:15

This is a Premium article available exclusively to our subscribers.

Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

You have reached your free article limit.

Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

You have reached your free article limit.
Subscribe now to and get well-researched and unbiased insights on the Stock market, Economy, Commodities and more...

TheHindu Businessline operates by its editorial values to provide you quality journalism.

This is your last free article.