EquityPandit’s Outlook for Aluminium for the week  (Dec 24, 2018 – Dec 28, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 2.70%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 142 to 144 where Fibonacci levels and medium & long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 146 to 148 where Fibonacci levels are lying. During the week the commodity manages to hit a high of 143 and close the week around the levels of 138.

Support for the commodity lies in the zone of around 133 to 135 where long term Fibonacci levels and low for the month of November-2018 are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 128 to 130 where the commodity has taken support in the month of April-2018.

Resistance for the commodity lies in the zone of 140 to 142 where Fibonacci levels and short; medium & long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 146 to 148 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 132 – 135 on downside and 143 – 146 on upside.