EquityPandit’s Outlook for Aluminium for the week  (Dec 11, 2017 – Dec 15, 2017) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 3.20%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 129 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 long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 125 to 127 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 133 to 135 where medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 138 to 140 where short term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 124 – 126 on downside and 135 – 137 on upside.