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Published on 21/05/2019 11:42:03 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 21/05/2019 By Enrich Commodities

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Aluminium

Technical outlook

Aluminium daily chart has formed "Falling channel" pattern. The last few sessions ended up in bearish trend along with some corrections inside the channel. The market is expected to continue on the bearish momentum based on the current price action, once the same breaks below a key support holding at 144.50. The downside rally could be testing all the way through 142-140 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 147-148 levels. Key resistance holds at 148.

Technical Chart

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Copper

Technical outlook

Copper 4hr chart has formed “Falling channel” pattern. The last few sessions been in bearish trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 420. The downside rally could be testing all the way through 416-414 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 426-431 level. Key resistance holds at 431.

Technical Chart

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Lead

Technical outlook

Lead daily chart has formed “Falling channel” pattern. The last session ended up in bearish trend after few positive rallies inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 125. The downside rally could be testing all the way up to 124-123 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and bullish once again. The upside rally could test up to 127-129 level. Key resistance holds at 129.

Technical Chart

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Natural Gas

Technical Outlook

Natural gas daily chart has formed “Falling wedge” pattern. The last few sessions ended up in bullish trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the price action, once the same breaks above a key resistance holding at 190. The upside rally could be testing all the way through 195-200 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 180-175 levels. Key support holds at 175.

Technical Chart

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Nickel

Technical Outlook

Nickel daily chart has formed “Right angled Descending broadening wedge” pattern. The last few sessions been in bearish trend along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding at 830. The downside rally could be testing all the way through 820-810 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 845-860 level. Key resistance holds at 860.

Technical Chart

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Silver

Technical Outlook

MCX Silver futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in bearish trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 36250. The negative rally could be extending all the way up to 36100-35900 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 36550-36700 level. Key resistance holds at 36700.

Technical Chart

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Zinc

Technical Outlook

Zinc daily chart has formed “Rising wedge” pattern. The last few sessions ended up in bearish trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 212. The downside rally could be testing all the way through 210-208 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 215-218 level. Key resistance holds at 218.

Technical Chart

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