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Published on 19/11/2019 11:01:26 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 18/11/2019 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 435. The downside rally could be testing all the way through 431-427 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 153.50. The downside rally could be testing all the way up to 152-151 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 158.3

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 bearish momentum based on the price action, once the same breaks below a key support holding at 185. The downside rally could be testing all the way through 181- 177 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.

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 1092. The downside rally could be testing all the way through 1070-1050 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 1135 level. Key resistance holds at 1135.

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 44850. The positive rally could be extending all the way up to 45200-45500 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 191. The downside rally could be testing all the way through 189-187 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.

Technical Chart

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