EquityPandit’s Outlook for Aluminium for the week  (April 17, 2017 – April 21, 2017) :

ALUMINIUM:

ALUMINIUM (123.10) closed the week on negative note losing around 2.10%.

As we have mentioned last week that minor support for the commodity lies in the zone of 125 to 125.50. Support for the commodity lies in the zone of around 123 to 123.50 from where commodity broke out after consolidation, Fibonacci level and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 121 where Fibonacci level is lying. During the week the commodity manages to hit a low of 122.25 and close the week around the levels of 123.10

Support for the commodity lies in the zone of around 123 to 123.50 from where commodity broke out after consolidation, Fibonacci level and medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 121 where Fibonacci level is lying.

Resistance for the commodity lies in the zone of 124 to 124.50 from where the commodity broke down. If the commodity manages to close above these levels then the commodity can move to the levels of around 125 to 125.50 where Fibonacci level and short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 120 – 121 on downside and 125 – 126 on upside.