EquityPandit’s Outlook for Aluminium for the week  (Feb 18, 2019 – Feb 22, 2019) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 1.90%.

As we have mentioned last week, that minor support for the commodity lies around 130 to 132. Support for the commodity lies in the zone of around 125 to 127 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 122 where the commodity has taken multiple support in the month of June-2017 and August-2017. During the week the commodity manages to hit a low of 130 and close the week around the levels of 131.

Minor support for the commodity lies around 130 to 132. Support for the commodity lies in the zone of around 125 to 127 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 122 where the commodity has taken multiple support in the month of June-2017 and August-2017.

Resistance for the commodity lies in the zone of 136 to 138 where Fibonacci levels and 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 Fibonacci levels and long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 123 – 125 on downside and 138 – 140 on upside.