EquityPandit’s Outlook for Aluminium for the week  (Dec 04, 2017 – Dec 08, 2017) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 2.30%.

As we have mentioned last week, that support for the commodity lies in the zone of around 133 to 134 where break out levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 130 to 131 from where the commodity broke out of March-2017 highs. During the week the commodity manages to hit a low of 130 and close the week around the levels of 134.

Support for the commodity lies in the zone of around 130 to 131 from where the commodity broke out of March-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 126 to 128 where long term moving averages are lying.

Resistance for the commodity lies in the zone of 138 to 140 where short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 142 to 144 where the commodity has formed a top in the month of October-2017.

Broad range for the commodity in the coming week can be seen between 126 – 128 on downside and 143 – 145 on upside.