EquityPandit’s Outlook for Aluminium for the week (March 20, 2017 – March 24, 2017) :

ALUMINIUM:

ALUMINIUM (124.90) closed the week on a positive note gaining around 0.25%.

As we have mentioned last week that support for the commodity lies in the zone of around 123 to 124 from where commodity broke out after consolidation, Fibonacci level and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 121 where Fibonacci level is lying. During the week the commodity manages to hit a low of 121.60 and close the week around the levels of 124.90.

Support for the commodity lies in the zone of around 123 to 124 from where commodity broke out after consolidation, Fibonacci level and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 121 where Fibonacci level is lying.

Minor resistance for the commodity lies in the zone of 125 to 125.50. Resistance for the commodity lies in the zone of 126.50 to 127 where trend-line joining highs of 128.25 and 127.45 is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 129 to 130 where the commodity has formed a high in the month of August-2013 and November-2014.

Broad range for the commodity in the coming week can be seen between 122 – 123 on downside and 127 – 128 on upside.