EquityPandit’s Outlook for Aluminium for the week  ( Jan 01, 2018 – Jan 05, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 2.60%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 140 to 142 where the commodity has formed a top in the month of November-2017. If the commodity manages to close above these levels then the commodity can move to the levels of 148 to 150. During the week the commodity manages to hit a high of 146 and close the week around the levels of 143.

Minor support for the commodity lies in the zone of 140 to 141. Support for the commodity lies in the zone of around 134 to 136 where short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 129 to 131 from where the commodity broke out of March-2017 highs and long term moving averages are lying.

Resistance for the commodity lies in the zone of 144 to 146 where the commodity has formed a top in the month of July-2008. If the commodity manages to close above these levels then the commodity can move to the levels of 150 to 152.

Broad range for the commodity in the coming week can be seen between 132 – 134 on downside and 150 – 152 on upside.