EquityPandit’s Outlook for Aluminium for the week  (May 08, 2017 – May 12, 2017) :

ALUMINIUM:

ALUMINIUM (122.05) closed the week on negative note losing around 1.50%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 121.75 and close the week around the levels of 122.05.

Support for the commodity lies in the zone of around 121 to 121.50 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 120.50 where Fibonacci level is lying.

Resistance for the commodity lies in the zone of 123 to 123.50 where Fibonacci level and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 125 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 124 – 125 on upside.