EquityPandit’s Outlook for Aluminium for the week  (Apr 16, 2018 – Apr 20, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 13.60%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 156 and close the week around the levels of 150.

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 135 to 138 where short; medium & long term moving averages are lying.

The commodity has broken out of 10 years of consolidation. Virtually no resistance is visible. Resistance for the commodity lies in the zone of 155 to 157. If the commodity manages to close above these levels then the commodity can move to the levels of 163 to 165.

Broad range for the commodity in the coming week can be seen between 130 – 135 on downside and 165 – 168 on upside.