EquityPandit’s Outlook for Aluminium for the week (February 27, 2017 – March 03, 2017) :

ALUMINIUM:

ALUMINIUM (125.90) closed the week with a positive note gaining around 0.20%.

As we have mentioned last week that support for the commodity lies in the zone of around 123 to 124 from where commodity broke out after consolidation and Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 121 where short term moving averages and Fibonacci level is lying. During the week the commodity manages to hit a low of 123.55 and close the week around the levels of 125.90.

Minor support for the commodity lies in the zone of 125 to 125.50. Support for the commodity lies in the zone of around 123 to 124 from where commodity broke out after consolidation and Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 121 where short term moving averages and Fibonacci level is lying.

Resistance for the commodity lies in the zone of 126.50 to 127 where trend-line joining highs of 128.25 and 127.45 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 128 to 129 where the commodity has formed a high in the month of January-2017.

Broad range for the commodity in the coming week can be seen between 122 – 123 on downside and 128 – 129 on upside.