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Published on 11/12/2019 10:54:20 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 11/12/2019 By Enrich Commodities

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Aluminium

Technical Outlook

Aluminium Dec daily chart has formed "Falling channel" pattern. The last few sessions ended up in sideways 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 131.50. The downside rally could be testing all the way through 130-128 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 136 level. Key resistance holds at 136.

Technical Chart

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Copper

Technical Outlook

Copper Dec daily chart has formed "Falling channel" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 441. The upside rally could be testing all the way through 445-449 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 430 level. Key support holds at 430.

Technical Chart

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Lead

Technical Outlook

Lead Dec Daily chart has formed “Right angled ascending broadening wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, testing all the way up to 156 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 152.50 then it might turn bearish once again. The downside rally could test up to 150 level. Key resistance holds at 156.

Technical Chart

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Natural Gas

Technical Outlook

Natural gas daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up in sideways trend 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 162. The upside rally could be testing all the way through 167-171 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 156 level. Key support holds at 156.

Technical Chart

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Nickel

Technical Outlook

Nickel Dec daily Chart has formed "Descending broadening wedge" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding at 1000. The upside rally could be testing all the way through 1015- 1030 level in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 960 level. Key support holds at 960.

Technical Chart

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Silver

Technical Outlook

MCX Silver Mar futures technical chart has taken the formation of "Falling wedge" pattern in daily time frame. Last few sessions ended up in sideways in 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 43300. The negative rally could be extending all the way up to 43000-42600 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might retest the same and revise the trend to bullish. The upside rally could test up to 44100 level. Key resistance holds at 44100.

Technical Chart

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Zinc

Technical Outlook

Zinc Dec daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up sideways in 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 180.50. The downside rally could be testing all the way through 178 level in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 186 level. Key resistance holds at 186.

Technical Chart

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