EquityPandit’s Outlook for Aluminium for the week  (Dec 31, 2018 – Jan 04, 2019) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 3.30%.

As we have mentioned last week, that 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. 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 128 to 130 where the commodity has taken support in the month of April-2018. If the commodity manages to close below these levels then the commodity can drift to the levels of 124 to 126 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 133 to 135 where long term Fibonacci levels and low for the month of November-2018 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 138 to 140 where Fibonacci levels and short; medium & long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 122 – 124 on downside and 136 – 138 on upside.