EquityPandit’s Outlook for Aluminium for the week  (July 31, 2017 – Aug 04, 2017) :

ALUMINIUM:

ALUMINIUM (121.15) closed the week on negative note losing around 1.10%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a high of 125.40 and close the week around the levels of 121.15.

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.

Minor resistance for the commodity lies in the zone of 122 to 122.50. 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 119 – 120 on downside and 123 – 124 on upside.