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Published on 16/07/2019 12:16:14 PM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 16/07/2019 By Enrich Commodities

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

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Aluminium

Technical outlook

Aluminium July daily chart has formed "Falling channel" pattern. The last few sessions ended up in bullish 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 144.20. The upside rally could be testing all the way through 146-148 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 140 level. Key support holds at 140.

Technical Chart

 

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Copper 

Technical outlook

Copper daily chart has formed “Descending broadening wedge” pattern. The last few sessions been in bullish 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 447. The upside rally could be testing all the way through 452-456 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 436 level. Key support holds at 436.

Technical Chart

 

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Lead

Technical outlook

Lead Daily chart has formed “Megaphone chart” 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 155. The downside rally could be testing all the way up to 154-153 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 157-158 levels. Key resistance holds at 158.

Technical Chart

 

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Natural Gas

Technical Outlook

Natural gas 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 bearish momentum based on the price action, once the same breaks below a key support holding at 162. The downside rally could be testing all the way through 158-154 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 171 level. Key resistance holds at 171.

Technical Chart

 

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Nickel

Technical Outlook

Nickel July daily Chart has formed “Ascending broadening wedge” pattern. The last few sessions been in bullish 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 breaks above a key resistance holding at 948. The upside rally could be testing all the way through 955-966 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 938-930 levels. Key support holds at 930.

Technical Chart

 

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Silver

Technical Outlook

MCX Silver Sept futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in bullish 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 price breaks above a key resistance holding at 38750. The positive rally could be extending all the way up to 38920-39100 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 38300 level. Key support holds at 38300.

Technical Chart

 

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Zinc

Technical Outlook

Zinc July daily chart has formed “Descending broadening wedge” pattern. The last few sessions ended up bullish in 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 195. The upside rally could be testing all the way through 196-198 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 190 level. Key support holds at 190.

Technical Chart

 

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