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

ALUMINIUM:

ALUMINIUM (123.10) closed the week on negative note losing around 1.10%.

As we have mentioned last week that minor support for the commodity lies in the zone of 123.50 to 124. Support for the commodity lies in the zone of around 122.50 to 123 where Fibonacci levels 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 120.50 to 121 where Fibonacci levels and 200 Daily moving averages are lying. During the week the commodity manages to hit a low of 120.90 and close the week around the levels of 123.10.

Support for the commodity lies in the zone of around 122.50 to 123 where Fibonacci levels 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 120.50 to 121 where Fibonacci levels and 200 Daily moving averages are lying.

Minor resistance for the commodity lies in the zone of 123.50 to 124. Resistance for the commodity lies in the zone of 125 to 125.50 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 121 – 122 on downside and 125 – 126 on upside.