EquityPandit’s Outlook for Aluminium for the week  (June 19, 2017 – June 23, 2017) :

ALUMINIUM:

ALUMINIUM (120.25) closed the week on negative note losing around 1.90%.

As we have mentioned last week that support for the commodity lies in the zone of around 121 to 121.50 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 119 to 120 where Fibonacci levels and 200 Daily moving averages are lying. During the week the commodity manages to hit a low of 120 and close the week around the levels of 120.25.

Support for the commodity lies in the zone of around 119 to 120 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 117.50 to 118 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 121 to 121.50 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 123.00 to 123.50 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 117 – 118 on downside and 122 – 123 on upside.