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Published on 13/12/2019 11:25:08 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 13/12/2019 By Enrich Commodities

Posted in Commodities Reports| #Commodity Tips #Enrich Commodities India Pvt Ltd

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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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 134. The upside rally could be testing all the way through 136-137 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 131 level. Key support holds at 131.

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 443. The upside rally could be testing all the way through 447-450 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 434 level. Key support holds at 434.

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, once the same breaks above a key resistance holding at 154.50. The upside rally could be testing all the way up to 156 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 151 level. Key support holds at 151.

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 165. The upside rally could be testing all the way through 168-172 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 157 level. Key support holds at 157.

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 1025. The upside rally could be testing all the way through 1040-1060 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 970 level. Key support holds at 970.

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 negative rally could be extending all the way up to 43400 level in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 44100 then it might revise the trend to bullish once again. The upside rally could test up to 44600 level. Key support holds at 43400.

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 bullish momentum based on the current price action, testing all the way through 186 level in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 181.50 then it might turn bearish once again. The downside rally could test up to 179 level. Key resistance holds at 186.

Technical Chart

To Read Complete Report & Disclaimer Click Here

 

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