EquityPandit’s Outlook for Aluminium for the week  (Sep 24, 2018 – Sep 28, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 2.80%.

As we have mentioned last week, that support for the commodity lies in the zone of around 144 to 146 where Fibonacci levels and medium & long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 138 to 140 where Fibonacci levels and low for the month of July-2018 and August-2018 are lying. During the week the commodity manages to hit a low of 144 and close the week around the levels of 149.

Support for the commodity lies in the zone of around 144 to 146 where Fibonacci levels and medium & long term moving averages are lying. If the commodity manages to close below these levels then the commodity can drift to the levels of 138 to 140 where Fibonacci levels and low for the month of July-2018 and August-2018 are lying.

Resistance for the commodity lies in the zone of 151 to 153 from where the commodity broke down after consolidation. 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 155 – 158 on upside.