EquityPandit’s Outlook for Aluminium for the week  (Jan 28, 2019 – Feb 1, 2019) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 1.20%.

As we have mentioned last week, that 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. During the week the commodity manages to hit low of 131 and close the week around the levels of 135.

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 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.

Broad range for the commodity in the coming week can be seen between 125 – 127 on downside and 140 – 142 on upside.