EquityPandit’s Outlook for Aluminium for the week  (May 15, 2017 – May 19, 2017) :

ALUMINIUM:

ALUMINIUM (121.20) closed the week on negative note losing around 0.70%.

As we have mentioned last week that support for the commodity lies in the zone of around 121 to 121.50 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 120 to 120.50 where Fibonacci level is lying. During the week the commodity manages to hit a low of 120.35 and close the week around the levels of 121.20.

Support for the commodity lies in the zone of around 120 to 120.50 where Fibonacci level is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 117.50 to 118 where Fibonacci level and 200 Daily moving averages are lying.

Resistance for the commodity lies in the zone of 121 to 121.50 where Fibonacci level is lying. If the commodity manages to close above these levels then the commodity can move to the levels of 123 to 123.50 where Fibonacci level and medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 119 – 120 on downside and 123 – 124 on upside.