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Published on 12/07/2018 12:18:36 PM | Source: Enrich Commodities India Pvt Ltd

Aluminium , Natural gas , Silver , Lead , Zinc Commodity Report Of 12/7/2018 By Enrich Commodities

ALUMINIUM

Technical outlook

Aluminium 4hr chart has formed “Falling wedge” pattern. The last few sessions ended up bearish in trend retesting near the channel’s support slope line. The market is expected to continue on the bearish term, once the same breaks below the key support holding at 141. The downside rally could be testing all the way through 139-137 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 144-146 levels. Key resistance holds at 146.

Technical Chart:

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COPPER

Technical outlook

Copper daily chart has formed “Right angled ascending broadening wedge” pattern. The last few sessions ended up bearish in trend as the prices have broken out the channel’s support slope line. The market is expected to continue on bearish momentum, testing all the way through 415-410-405 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 428 then it might turn bullish once again. Key support holds at 405.

Technical Chart:

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LEAD

Technical outlook

Lead daily chart has formed “Falling wedge” pattern. The last few sessions ended up bearish in trend as the prices have broken out the channel’s support slope line. The market is expected to continue on the bearish trend, once the same breaks below major support holding at 150. The downside rally could be testing all the way through 148-146 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 154-157 levels. Key resistance holds at 157.

Technical Chart:

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Right angled ascending broadening wedge” pattern. The last sessions ended up bullish in trend retesting the pattern’s support level. The market is expected to continue in bullish term, testing all the way through 195-200 levels in the upcoming sessions. Alternatively, if the market breaks below the support level holding at 192 then it might turn bearish once again. The downside rally could test 190-185 levels. Key resistance holds at 200.

Technical Chart:

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NICKEL

Technical outlook

Nickel 4hr chart has formed “Descending broadening wedge” pattern. The last session ended up bullish after retesting the channel’s support slope line. The market is expected to continue on the bullish momentum, testing all the way through 970-990 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 935, then it might turn to bearish momentum. The downside rally could test 920-910 levels. Key support holds at 910.

Technical Chart:

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SILVER

Technical outlook

Silver daily chart has formed “Rising channel” pattern. The last few sessions ended up bearish in trend inside the channel. As per the technical aspects of the pattern, the market is expected to continue on bearish term. The downside rally could be testing all the way through 39000-38800 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 39500, then it might turn to bullish term. The upside rally could test 39800-40100 levels. Key support holds at 38800.

Technical Chart:

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ZINC

Technical outlook

Zinc daily chart has formed “Descending broadening wedge” pattern. The last session ended up bearish in trend retesting near the channel’s support slope line. The market is expected to continue on bullish momentum, testing all the way through 180-185 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 174 then it might turn bearish once again. The downside rally could test 170-168 levels. Key resistance holds at 185.

Technical Chart:

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