EquityPandit’s Outlook for Aluminium for the week  (Apr 23, 2018 – Apr 27, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 10.80%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 179 and close the week around the levels of 166.

Support for the commodity lies in the zone of around 155 to 160. If the commodity manages to close below these levels then the commodity can drift to the levels of 144 to 146 from where the commodity broke out of December-2017 and January-2018 highs.

The commodity has broken out of 10 years of consolidation. Virtually no resistance is visible. Resistance for the commodity lies in the zone of 170 to 175. If the commodity manages to close above these levels then the commodity can move to the levels of 185 to 190.

Broad range for the commodity in the coming week can be seen between 140 – 145 on downside and 180 – 185 on upside.