EquityPandit’s Outlook for Aluminium for the week  (July 16, 2018 – July 20, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 3.10%.

As we have mentioned last week, that support for the commodity lies in the zone of around 144 to 146 from where the commodity broke out of December-2017 and January-2018 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 130 to 135 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 138 and close the week around the levels of 139.

Support for the commodity lies in the zone of around 130 to 135 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 125 to 130 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 144 to 146 where Fibonacci levels and long term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 150 to 152 from where the commodity broke down after consolidation.

Broad range for the commodity in the coming week can be seen between 130 – 135 on downside and 150 – 155 on upside.