EquityPandit’s Outlook for Aluminium for the week  (July 03, 2017 – July 07, 2017) :

ALUMINIUM:

ALUMINIUM (123.55) closed the week on positive note gaining around 3.00%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 119 and close the week around the levels of 123.55.

Minor support for the commodity lies in the zone of 122.50 to 123. 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.

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

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