EquityPandit’s Outlook for Aluminium for the week  (Nov 27, 2017 – Dec 01, 2017) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 0.40%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 138 to 140 where short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 142 to 144 where the commodity has formed a top in the month of October-2017. During the week the commodity manages to hit a high of 137 and close the week around the levels of 137.

Support for the commodity lies in the zone of around 133 to 134 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 130 to 131 from where the commodity broke out of March-2017 highs.

Resistance for the commodity lies in the zone of 138 to 140 where short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 142 to 144 where the commodity has formed a top in the month of October-2017.

Broad range for the commodity in the coming week can be seen between 130 – 132 on downside and 143 – 145 on upside.