EquityPandit’s Outlook for Aluminium for the week  (June 25, 2018 – June 29, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 2.20%.

As we have mentioned last week, that support for the commodity lies in the zone of around 144 to 146 from where the commodity broke out of December-2017 and January-2018 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 130 to 135 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 147 and close the week around the levels of 148.

Support for the commodity lies in the zone of around 144 to 146 from where the commodity broke out of December-2017 and January-2018 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 130 to 135 where Fibonacci levels are lying.

Minor resistance for the commodity lies in the zone of 151 to 153. Resistance for the commodity lies in the zone of 160 to 162 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 175 to 180 where the commodity has formed a top in the month of April-2018.

Broad range for the commodity in the coming week can be seen between 130 – 135 on downside and 160 – 165 on upside.