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Published on 18/06/2019 11:36:25 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 18/06/2019 By Enrich Commodities

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Aluminium

Technical outlook

Aluminium June 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 141.50. The downside rally could be testing all the way through 140-139 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 143-144 levels. Key resistance holds at 144.

Technical Chart

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Copper

Technical outlook

Copper 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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 411. The upside rally could be testing all the way through 415-418 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 405 levels. Key support holds at 405.

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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 155. The upside rally could be testing all the way up to 156-157 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 153-152 level. Key support holds at 152.

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 168. The upside rally could be testing all the way through 172-178 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 163-160 levels. Key support holds at 160.

Technical Chart

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Nickel

Technical Outlook

Nickel 4hr 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 the bearish term based on the current price action, once the breaks below a key support holding at 862. The downside rally could be testing all the way through 854-844 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 872-880 level. Key resistance holds at 880.

Technical Chart

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Silver

Technical Outlook

MCX Silver futures technical chart has taken the formation of “Descending broadening wedge” pattern in daily time frame. Last few sessions ended up in sideways 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 36850-36700 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 37200 then it might revise the trend to bullish once again. The upside rally could test up to 37400-37600 levels. Key resistance holds at 37600.

Technical Chart

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Zinc

Technical Outlook

Zinc June daily chart has formed “Rising channel” pattern. The last session ended up bullish in trend after few negative rallies 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 206.50. The upside rally could be testing all the way through 208-210 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 203-202 levels. Key support holds at 202.

Technical Chart

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