EquityPandit’s Outlook for Aluminium for the week  (Nov 19, 2018 – Nov 23, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 2.30%.

As we have mentioned last week, that 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. During the week the commodity manages to hit a low of 138 and close the week around the levels of 139.

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 are lying.

Broad range for the commodity in the coming week can be seen between 133 – 135 on downside and 145 – 147 on upside.