EquityPandit’s Outlook for Aluminium for the week  (Dec 18, 2017 – Dec 22, 2017) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 128 and close the week around the levels of 132.

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 134 to 136 where short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 140 to 142 where the commodity has formed a top in the month of November-2017.

Broad range for the commodity in the coming week can be seen between 124 – 126 on downside and 138 – 140 on upside.