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Published on 20/06/2019 11:41:34 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 20/06/2019 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 bullish momentum based on the current price action, testing all the way through 144-145 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 142 then it might turn bearish once again. The downside rally could test up to 140-139 levels. Key resistance holds at 145.

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 417. The upside rally could be testing all the way through 420-425 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 410 levels. Key support holds at 410.

Technical Chart

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Lead

Technical outlook

Lead daily chart has formed “Megaphone chart” pattern. The last few sessions ended up 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 157. The upside rally could be testing all the way up to 158-159 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 155-153.50 level. Key support holds at 153.50.

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 bearish momentum based on the price action, once the same breaks below a key support holding at 160. The downside rally could be testing all the way through 158-155 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 166-168 levels. Key resistance holds at 168.

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 bullish term based on the current price action, once the breaks above a key resistance holding at 880. The upside rally could be testing all the way through 888-900 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 865 level. Key support holds at 865.

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 bullish trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 37400. The positive rally could be extending all the way up to 37600-37800 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 37100-36900 levels. Key support holds at 36900.

Technical Chart

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Zinc

Technical Outlook

Zinc June 4hr chart has formed “Rising channel” 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 209. The upside rally could be testing all the way through 210-212 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 205-204 levels. Key support holds at 204.

Technical Chart

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