EquityPandit’s Outlook for Aluminium for the week  (Apr 02, 2018 – Apr 06, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 1.60%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 130 and close the week around the levels of 130.

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.

Resistance for the commodity lies in the zone of 135 to 137 where long term moving averages and lows for the month of February-2018 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 139 to 141 where short and medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 125 – 127 on downside and 138 – 140 on upside.