EquityPandit’s Outlook for Aluminium for the week  (May 01, 2017 – May 05, 2017) :

ALUMINIUM:

ALUMINIUM (123.90) closed the week on negative note losing around 0.60%.

As we have mentioned last week that resistance for the commodity lies in the zone of 125 to 125.50 where Fibonacci level and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 127 to 128 where the commodity has formed a short term top. During the week the commodity manages to hit a high of 126 and close the week around the levels of 123.90.

Support for the commodity lies in the zone of around 123 to 123.50 from where commodity broke out after consolidation, Fibonacci level and medium 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.

Resistance for the commodity lies in the zone of 125 to 125.50 where Fibonacci level and short term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of around 127 to 128 where the commodity has formed a short term top.

Broad range for the commodity in the coming week can be seen between 121 – 122 on downside and 126 – 127 on upside.