EquityPandit’s Outlook for Aluminium for the week  (Oct 15, 2018 – Oct 19, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 4.90%.

As we have mentioned last week, that support for the commodity lies in the zone of around 152 to 154 from where the commodity broke out of August-2018 & September-2018 high and Fibonacci levels are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 146 to 148 where Fibonacci levels and short & medium term moving averages are lying. During the week the commodity manages to hit a low of 150 and close the week around the levels of 150.

Support for the commodity lies in the zone of around 148 to 150 where Fibonacci levels and short term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 143 to 145 where long term moving averages and low for the month of September-2018 is lying.

Resistance for the commodity lies in the zone of 153 to 155 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 158 to 160 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 140 – 143 on downside and 160 – 163 on upside.