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Published on 17/09/2019 10:45:05 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 17/09/2019 By Enrich Commodities

Aluminium

Technical Outlook

Aluminium Sept daily chart has formed "Falling 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 the bearish momentum based on the current price action, once the same breaks below a key support holding at 139.50. The downside rally could be testing all the way through 138-136 levels in the upcoming sessions. Alternatively, if key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 142 level. Key resistance holds at 142.

Technical Chart

 

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Copper

Technical Outlook

Copper Sept daily chart has formed “Rising wedge” 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 455. The downside rally could be testing all the way through 450-445 level 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 462 level. Key resistance holds at 462.

Technical Chart

 

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Lead

Technical Outlook

Lead Sept Daily chart has formed “Rectangle 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 154.50. The downside rally could be testing all the way up to 153-152 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 “Falling 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 193. The upside rally could be testing all the way through 197-200 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 180 level. Key support holds at 180.

Technical Chart

 

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Nickel

Technical Outlook

Nickel Sept daily Chart has formed "Rising channel" 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 1225. The downside rally could be testing all the way through 1210-1200 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 1260 level. Key resistance holds at 1260.

Technical Chart

 

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Silver

Technical Outlook

MCX Silver Dec futures technical chart has taken the formation of "Right angled ascending broadening wedge" pattern in daily time frame. Last session ended up in bullish in trend after few negative rallies 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 47400. The positive rally could be extending all the way up to 47600-47800 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 46700 level. Key support holds at 46700.

Technical Chart

 

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Zinc

Technical Outlook

Zinc Sept 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 185.50. The downside rally could be testing all the way through 184-182 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 190 level. Key resistance holds at 190.

Technical Chart

 

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