EquityPandit’s Outlook for Aluminium for the week  (Oct 29, 2018 – Nov 02, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on negative note losing around 1.80%.

As we have mentioned last week, that support for the commodity lies in the zone of around 148 to 150 where Fibonacci levels and short & medium 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. During the week the commodity manages to hit a low of 144 and close the week around the levels of 146.

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.

Resistance for the commodity lies in the zone of 148 to 150 where Fibonacci levels and short & medium term moving averages are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 153 to 155 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 138 – 140 on downside and 152 – 155 on upside.