EquityPandit’s Outlook for Aluminium for the week  (July 30, 2018 – Aug 03, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 0.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 145 and close the week around the levels of 140.

Support for the commodity lies in the zone of around 134 to 136 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 127 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 – 133 on downside and 150 – 153 on upside.