EquityPandit’s Outlook for Aluminium for the week  (Oct 08, 2018 – Oct 12, 2018) :

ALUMINIUM:

ALUMINIUM closed the week on positive note gaining around 8.20%.

As we have mentioned last week, that resistance for the commodity lies in the zone of 152 to 154 from where the commodity broke down after consolidation and 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. During the week the commodity manages to hit a high of 168 and close the week around the levels of 158.

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.

Resistance for the commodity lies in the zone of 158 to 160 where Fibonacci levels are lying. If the commodity manages to close above these levels then the commodity can move to the levels of 165 to 167 where Fibonacci levels are lying.

Broad range for the commodity in the coming week can be seen between 147 – 150 on downside and 165 – 168 on upside.