EquityPandit’s Outlook for Aluminium for the week  (Aug 20, 2018 – Aug 24, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 1.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 144 to 146 where Fibonacci levels and short; medium and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 150 to 152 from where the commodity broke down after consolidation. During the week the commodity manages to hit a high of 146 and close the week around the levels of 142.

Support for the commodity lies in the zone of around 136 to 138 where Fibonacci levels and low for the month of July-2018 are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 127 to 130 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 144 to 146 where Fibonacci levels and short; medium and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 150 to 152 from where the commodity broke down after consolidation.

Broad range for the commodity in the coming week can be seen between 135 – 138 on downside and 150 – 152 on upside.