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Published on 21/06/2019 11:24:58 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 21/06/2019 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 bearish momentum based on the current price action, once the same breaks below a key support holding at 141. The downside rally could be testing all the way through 140-138 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 143-145 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 419. The upside rally could be testing all the way through 424-429 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 414-411 levels. Key support holds at 411.

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 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. The upside rally could test up to 155.50-157 level. Key resistance holds at 157.

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 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 149. The downside rally could be testing all the way through 145-142 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 160 level. Key resistance holds at 160.

Technical Chart

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Nickel

Technical Outlook

Nickel 4hr 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 904. The upside rally could be testing all the way through 910-915 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 890-885 level. Key support holds at 885.

Technical Chart

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Silver

Technical Outlook

MCX Silver futures technical chart has taken the formation of “Megaphone chart” 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 38460. The positive rally could be extending all the way up to 38650-38800 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 38100-37800 levels. Key support holds at 37800.

Technical Chart

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Zinc

Technical Outlook

Zinc June 4hr 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 203.50. The downside rally could be testing all the way through 202-200 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 208 level. Key resistance holds at 208.

Technical Chart

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