EquityPandit’s Outlook for Aluminium for the week  (July 24, 2017 – July 28, 2017) :

ALUMINIUM:

ALUMINIUM (122.45) closed the week on negative note losing around 0.50%.

As we have mentioned last week that minor resistance for the commodity lies in the zone of 123.50 to 124. Resistance for the commodity lies in the zone of 125 to 125.50 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 126.50 to 127 where the commodity has formed a top in the month of May-2017. During the week the commodity manages to hit a high of 124.20 and close the week around the levels of 122.45.

Support for the commodity lies in the zone of around 121.00 to 121.50 where Fibonacci levels and 200 Daily moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 119.50 to 120 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 123 to 123.50 where Fibonacci levels and medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 125 to 125.50 where Fibonacci level is lying.

Broad range for the commodity in the coming week can be seen between 120 – 121 on downside and 124 – 125 on upside.