EquityPandit’s Outlook for Aluminium for the week  (Sep 18, 2017 – Sep 22, 2017) :

ALUMINIUM:

ALUMINIUM (132.35) closed the week on negative note losing around 0.40%.

As we have mentioned last week, that support for the commodity lies in the zone of around 133 to 134 where break-out levels for the commodity is lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 130 to 131 where break out levels are lying. During the week the commodity manages to hit a low of 131.50 and close the week around the levels of 132.

Support for the commodity lies in the zone of around 130 to 131 from where the commodity broke out of March-2017 highs. If the commodity manages to close below these levels then the commodity can drift to the levels of 127 to 128 where break out levels and short term moving averages are lying.

Resistance for the commodity lies in the zone of 133 to 134. If the commodity manages to close above these levels then the commodity can move to the levels of 136 to 138.

Broad range for the commodity in the coming week can be seen between 125 – 127 on downside and 138 – 140 on upside.