Tue Sep 17 06:16:36 UTC 2024: ## Aluminium Futures on MCX Show Signs of Rebound, But Short-Term Outlook Remains Uncertain

Aluminium futures on the Multi Commodity Exchange (MCX) have shown signs of recovery after finding support at ₹217 early last week. The contract closed at ₹231.8 on Monday. Analysts predict further upside potential if the contract breaks through the resistance level of ₹234, with a potential target of ₹242. However, a failure to break through this resistance could see the contract fall back to its support level at ₹217.

Traders are advised to short aluminium futures at ₹234 with an initial stop-loss at ₹238. The stop-loss can be revised to ₹230 if the contract falls to ₹225. The target for this short position is ₹220.

If the stop-loss is hit, traders should consider going long with a stop-loss at ₹232, indicating a potential new uptrend. A potential target for this long position is ₹250, with the stop-loss adjusted to ₹240 when the contract reaches ₹245.

Overall, while aluminium futures have shown some recovery, the short-term outlook remains uncertain, with both potential upside and downside risks. Traders should carefully monitor the price action and adjust their positions accordingly.

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