Enrich Commodities India Pvt.Ltd
Published on 16/11/2017 12:58:03 PM

LEAD

Technical view: 

Lead is in short-term bear phase. The daily Technical chart of Lead has formed strong bearish candle indicating downtrend Fibonacci retracement level support at 158 with upside Key resistance at 159.60-161. Sell on rise would be a better trading strategy in this current market scenario.

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Enrich Commodities India Pvt.Ltd
Published on 16/11/2017 12:55:54 PM

COPPER

Technical view:

 Copper daily chart is in bearish momentum with a downtrend and sharp recovery from lower level has formed “hammer” and weekly chart displayed Descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern. There are instances when descending triangles form as reversal patterns at the end of an uptrend, but they are typically continuation patterns. Triangle support holds at 436.50. Once it breaks the support line, further fall can be expected towards 430-420 level and on the other hand, triangle slop line is resistance at 449.

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Enrich Commodities India Pvt.Ltd
Published on 16/11/2017 12:55:07 PM

ALUMINIUM

Technical View

Aluminium hourly chart has formed “Ascending triangle” pattern. The previous session market been successfully bullish but ended up retesting the strong resistance level which holds near 137.50. The retest triggered a small correction in the close of yesterdays market which also indicates that in upcoming session market might open gap up on bullish momentum and once the same breaks above the resistance level then buyers will take control of the market once again. Support holds at 136.50.

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Enrich Commodities India Pvt.Ltd
Published on 16/11/2017 12:02:46 PM

Gold 

Technical View

Gold four-hour chart has formed a “Megaphone chart pattern”. The previous session ended up bearish as a correction in the market. In the upcoming sessions, the correction is expected to happen further on bearish momentum extending all the way to $1276-1272(29480-29380) levels. The same market might retest the channel support level to gain bullish once again as per the technical aspects. Support holds near $1272(29380) and Resistance strongly holds near $1280(29580) on short term.

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Enrich Commodities India Pvt.Ltd
Published on 16/11/2017 12:02:08 PM

CRUDEOIL

Technical View

Crude Oil daily technical chart has formed a “Rising wedge” pattern. As per the pattern analysis; market has clearly given corrections that retested the support of the channel. The same is expected to happen in the upcoming session where market is likely to fall a little bearish to retest the channels support level near 3580. Alternatively, if the retest fails market might fall further on bearish momentum breaking the channel itself and rally might extend towards 3545-3500 levels.

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