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Published on 18/07/2019 12:17:43 PM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 18/07/2019 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 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, testing all the way through 141-140 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 144 then it might turn bullish once again. The upside rally could test up to 146-148 levels. 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 449. The upside rally could be testing all the way through 453-456 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 442- 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 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. 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 bearish 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 157. The downside rally could be testing all the way through 154-150 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 170 level. Key resistance holds at 170.

Technical Chart

 

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Nickel

Technical Outlook

Nickel July daily Chart has formed “Rising 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 998. The upside rally could be testing all the way through 1012-1028 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 970 level. Key support holds at 970.

Technical Chart

 

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Silver

Technical Outlook

MCX Silver Sept futures technical chart has taken the formation of "Rounded bottom" 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 40300. The positive rally could be extending all the way up to 40500-40700 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 40000-39800 levels. Key support holds at 39800.

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 195.50. The upside rally could be testing all the way through 197-199 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 190 level. Key support holds at 190.

Technical Chart

 

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