EquityPandit’s Outlook for Aluminium for the week  (Nov 12, 2018 – Nov 16, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 1.50%.

As we have mentioned last week, that support for the commodity lies in the zone of around 143 to 145 where long term moving averages and low for the month of September-2018 is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 136 to 138 where low for the month of July-2018 and Fibonacci levels are lying. During the week the commodity manages to hit a low of 142 and close the week around the levels of 143.

Support for the commodity lies in the zone of around 138 to 140 where low for the month of July-2018 and August-2018 are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 134 to 136 where long term Fibonacci levels are lying.

Resistance for the commodity lies in the zone of 144 to 146 where long term moving averages and Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 148 to 150 where Fibonacci levels and short & medium term moving averages are lying.

Broad range for the commodity in the coming week can be seen between 135 – 137 on downside and 148 – 150 on upside.