EquityPandit’s Outlook for Aluminium for the week  (Feb 19, 2018 – Feb 23, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 3.30%.

As we have mentioned last week, that support for the commodity lies in the zone of around 136 to 137 where the commodity has taken support in the month of January-2018. 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. During the week the commodity manages to hit a low of 136 and close the week around the levels of 142.

Minor support for the commodity lies in the zone of 139 to 140. Support for the commodity lies in the zone of around 136 to 137 where the commodity has taken support in the month of January-2018. 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 December-2017 and January-2018. 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 – 135 on downside and 148 – 150 on upside.