EquityPandit’s Outlook for Aluminium for the week  (Mar 26, 2018 – Mar 28, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 1.90%.

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 and February-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 formed a bottom in the month of December-2017. During the week the commodity manages to hit a low of 132 and close the week around the levels of 133.

Support for the commodity lies in the zone of around 129 to 131 from where the commodity broke out of March-2017 highs and formed a bottom in the month of December-2017. If the commodity manages to close below these levels then the commodity can drift to the levels of 123 to 125 from where the commodity broke out in the month of August-2017.

Minor resistance for the commodity lies in the zone of 135 to 137. 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 125 – 127 on downside and 138 – 140 on upside.