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Published on 15/11/2019 10:47:36 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 15/11/2019 By Enrich Commodities

Aluminium

Technical Outlook

Aluminium Nov 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. The downside rally could be testing all the way through 129-128 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 134 level. Key resistance holds at 134.

Technical Chart

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Copper

Technical Outlook

Copper Nov daily chart has formed "Rectangle chart" pattern. The last few sessions been in sideways 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 436. The downside rally could be testing all the way through 432-428 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 446 level. Key resistance holds at 446.

Technical Chart

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Lead

Technical Outlook

Lead Nov Daily chart has formed “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 bearish momentum based on the current price action, once the same breaks below a key support holding at 154.50. The downside rally could be testing all the way up to 153-151 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 158 level. Key resistance holds at 158.

Technical Chart

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Natural Gas

Technical Outlook

Natural gas daily chart has formed “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 price action, once the same breaks above a key resistance holding at 194. The upside rally could be testing all the way through 198-202 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 184 level. Key support holds at 184.

Technical Chart

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Nickel

Technical Outlook

Nickel Nov 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 bearish term based on the current price action, once the same breaks below a key support holding at 1116. The downside rally could be testing all the way through 1100-1090 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 1150 level. Key resistance holds at 1150.

Technical Chart

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Silver

Technical Outlook

MCX Silver Dec futures technical chart has taken the formation of "Ascending broadening 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 bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 44950. The positive rally could be extending all the way up to 45250-45600 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. The downside rally could test up to 44100 level. Key support holds at 44100.

Technical Chart

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Zinc

Technical Outlook

Zinc Nov daily chart has formed “Rising 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 192. The downside rally could be testing all the way through 190-188 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 196 level. Key resistance holds at 196.

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