EquityPandit’s Outlook for Aluminium for the week  (June 12, 2017 – June 16, 2017) :

ALUMINIUM:

ALUMINIUM (122.60) closed the week on negative note losing around 1.00%.

As we have mentioned last week that support for the commodity lies in the zone of around 123 to 123.50 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 121 to 121.50 where Fibonacci levels are lying. During the week the commodity manages to hit a low of 121 and close the week around the levels of 122.60.

Support for the commodity lies in the zone of around 121 to 121.50 where Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 119 to 120 where Fibonacci levels and 200 Daily moving averages are lying.

Resistance for the commodity lies in the zone of 123.00 to 123.50 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 124.50 to 125 where short & medium term moving averages and Fibonacci levels are lying.

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