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Published on 20/09/2019 10:30:07 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 20/09/2019 By Enrich Commodities

Aluminium

Technical Outlook

Aluminium Sept 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 the bearish momentum based on the current price action, once the same breaks below a key support holding at 138.50. The downside rally could be testing all the way through 137-135 levels in the upcoming sessions. Alternatively, if key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 142 level. Key resistance holds at 142.

Technical Chart

 

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Copper

Technical Outlook

Copper Sept daily 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 bearish momentum based on the current price action, once the same breaks below a key support holding at 446. The downside rally could be testing all the way through 440-436 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 455 level. Key resistance holds at 455.

Technical Chart

 

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Lead

Technical Outlook

Lead Sept Daily chart has formed “Rectangle 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 156. The upside rally could be testing all the way up to 157-158 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 151 level. Key support holds at 151.

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 179. The downside rally could be testing all the way through 175-170 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 194 level. Key resistance holds at 194.

Technical Chart

 

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Nickel

Technical Outlook

Nickel Sept daily Chart has formed "Rising channel" 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 same breaks above a key resistance holding at 1254. The upside rally could be testing all the way through 1265-1280 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 1210 level. Key support holds at 1210.

Technical Chart

 

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Silver

Technical Outlook

MCX Silver Dec futures technical chart has taken the formation of "Right angled 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 bearish trend. The continuation of the trend will be confirmed once the price breaks below a key support holding at 46400. The negative rally could be extending all the way up to 46100-45900 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 47100 level. Key resistance holds at 47100.

Technical Chart

 

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Zinc

Technical Outlook

Zinc Sept daily chart has formed “Ascending broadening 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 183. The downside rally could be testing all the way through 181-180 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 188 level. Key resistance holds at 188.

Technical Chart

 

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