EquityPandit’s Outlook for Aluminium for the week  (June 05, 2017 – June 09, 2017) :

ALUMINIUM:

ALUMINIUM (123.85) closed the week on negative note losing around 1.60%.

As we have mentioned last week that minor support for the commodity lies in the zone of 125 to 125.30. Support for the commodity lies in the zone of around 124 to 124.50 from where the commodity broke out of declining trend-line resistance. If the commodity manages to close below these levels then the commodity can drift to the levels of 123 to 123.50 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 122.85 and close the week around the levels of 123.85.

Support for the commodity lies in the zone of around 123 to 123.50 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 121 to 121.50 where Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 124.50 to 125. Resistance for the commodity lies in the zone of 126.50 to 127 where long term Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 129 to 130 where the commodity has formed a top in the month of March-2017.

Broad range for the commodity in the coming week can be seen between 120 – 121 on downside and 126 – 127 on upside.