EquityPandit’s Outlook for Aluminium for the week  (Jan 21, 2019 – Jan 25, 2019) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 3.30%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 133 and close the week around the levels of 133.

Minor support for the commodity lies around 130 to 131. 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 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 medium & long term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 125 – 127 on downside and 138 – 140 on upside.