EquityPandit’s Outlook for Aluminium for the week  (May 22, 2017 – May 26, 2017) :

ALUMINIUM:

ALUMINIUM (125.35) closed the week on positive note gaining around 3.40%.

As we have mentioned last week that 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. During the week the commodity manages to hit a low of 121.20 and close the week around the levels of 125.35.

Support for the commodity lies in the zone of around 124 to 124.50 from where the commodity broke out of declining trend-line resistance. If the commodity manages to close below these levels then the commodity can drift to the levels of 123 to 12.50 where Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 126.50 to 127 where long term Fibonacci level 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 top in the month of March-2017.

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