EquityPandit’s Outlook for Aluminium for the week  (Feb 4, 2019 – Feb 8, 2019) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 0.40%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 134 to 136 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 medium & long term moving averages are lying. During the week the commodity manages to hit a high of 136 and close the week around the levels of 134.

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 127 – 130 on downside and 140 – 142 on upside.