EquityPandit’s Outlook for Aluminium for the week  (Nov 26, 2018 – Nov 30, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 1.90%.

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 136 and close the week around the levels of 137.

Support for the commodity lies in the zone of around 134 to 136 where long term Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 128 to 130 where the commodity has taken support in the month of April-2018.

Resistance for the commodity lies in the zone of 138 to 140 where low for the month of July-2018 and August-2018 are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 144 to 146 where long term moving averages and Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 128 – 130 on downside and 145 – 147 on upside.