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Published on 19/07/2019 9:39:46 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 19/07/2019 By Enrich Commodities

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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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 144.50. The upside rally could be testing all the way through 146-148 levels in the upcoming sessions. Alternatively, if key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 141-140 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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 157.60. The upside rally could be testing all the way up to 159-160 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 155-154 levels. Key support holds at 154.

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 155. The downside rally could be testing all the way through 150-148 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 channel" 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 1040. The upside rally could be testing all the way through 1050-1060 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 1000 level. Key support holds at 1000.

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 40900. The positive rally could be extending all the way up to 41200-41500 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 40600-40300 levels. Key support holds at 40300.

Technical Chart

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Zinc

Technical Outlook

Zinc July daily chart has formed “Descending broadening wedge” pattern. The last session ended up bearish in trend after few positive rallies 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 191.50. The downside rally could be testing all the way through 190-188 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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