EquityPandit’s Outlook for Aluminium for the week  (Mar 05, 2019 – Mar 08, 2019) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 11.10%.

As we have mentioned last week, that minor support for the commodity lies around 130 to 132. Support for the commodity lies in the zone of around 125 to 127 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 122 where the commodity has taken multiple support in the month of June-2017 and August-2017. During the week the commodity manages to hit a low of 133 and close the week around the levels of 149.

Minor support for the commodity lies around 145 to 147. Support for the commodity lies in the zone of around 140 to 143 from where the commodity broke out of February-2019 high and long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 135 to 137 where Fibonacci levels and medium term moving averages are lying.

Resistance for the commodity lies in the zone of 150 to 152 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 155 to 157 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 140 – 143 on downside and 155 – 158 on upside.