EquityPandit’s Outlook for Aluminium for the week  (Aug 14, 2017 – Aug 18, 2017) :

ALUMINIUM:

ALUMINIUM (130.30) closed the week on positive note gaining around 7.60%.

As we have mentioned last week, that support for the commodity lies in the zone of around 121.00 to 121.50 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 119.50 to 120 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 121.50 and close the week around the levels of 130.30.

Support for the commodity lies in the zone of around 127 to 128 where break-out levels for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 125 to 126 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 130 to 131 where the commodity has formed multiple top in last 4 years. If the commodity manages to close above these levels then the commodity can witness a major multi-year break out and the commodity can move to the levels of 140 to 142.

Broad range for the commodity in the coming week can be seen between 123 – 125 on downside and 136 – 138 on upside.