EquityPandit’s Outlook for Aluminium for the week  (Jan 15, 2018 – Jan 19, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 1.30%.

As we have mentioned last week, that support for the commodity lies in the zone of around 134 to 136 where short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 129 to 131 from where the commodity broke out of March-2017 highs and long term moving averages are lying. During the week the commodity manages to hit a low of 137 and close the week around the levels of 141.

Support for the commodity lies in the zone of around 134 to 136 where short & medium term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 129 to 131 from where the commodity broke out of March-2017 highs and long term moving averages are lying.

Minor resistance for the commodity lies in the zone of 141 to 142. Resistance for the commodity lies in the zone of 144 to 146 where the commodity has formed a top in the month of July-2008. If the commodity manages to close above these levels then the commodity can move to the levels of 150 to 152.

Broad range for the commodity in the coming week can be seen between 133 – 135 on downside and 146 – 148 on upside.