EquityPandit’s Outlook for Aluminium for the week  (May 07, 2018 – May 11, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 6.60%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 155 to 160 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 175 to 180 where the commodity has formed a top. During the week the commodity manages to hit a high of 159 and close the week around the levels of 158.50.

Minor support for the commodity lies in the zone of 150 to 153. Support for the commodity lies in the zone of around 144 to 146 from where the commodity broke out of December-2017 and January-2018 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 130 to 135 where Fibonacci levels and long term moving averages are lying.

Resistance for the commodity lies in the zone of 158 to 161 from where the commodity broke down after consolidation. If the commodity manages to close above these levels then the commodity can move to the levels of 175 to 180 where the commodity has formed a top in the month of April-2018.

Broad range for the commodity in the coming week can be seen between 140 – 145 on downside and 170 – 175 on upside.