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Published on 24/06/2019 1:05:43 PM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 24/06/2019 By Enrich Commodities

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Aluminium

Technical outlook

Aluminium 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 the bearish momentum based on the current price action, once the same breaks below a key support holding at 140. The downside rally could be testing all the way through 138-136 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 143-144 levels. Key resistance holds at 144.

Technical Chart

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Copper

Technical outlook

Copper 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 bearish momentum based on the current price action, once the same breaks below a key support holding at 413.50. The downside rally could be testing all the way through 410-405 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 420 level. Key resistance holds at 420.

Technical Chart

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Lead

Technical outlook

Lead daily chart has formed “Megaphone chart” 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 current price action, once the same breaks below a key support holding at 152. The downside rally could be testing all the way up to 151-150 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 155-157 levels. 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 session been in bearish trend after few positive rallies inside the channel. The market is expected to continue on the bearish term based on the current price action, once the breaks below a key support holding at 880. The downside rally could be testing all the way through 872-865 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 895-904 levels. Key resistance holds at 904.

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 session ended up in bearish trend after few positive rallies 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 below a key support holding at 37800. The negative rally could be extending all the way up to 37600-37400 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 38200-38500 levels. Key resistance holds at 38500.

Technical Chart

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Zinc

Technical Outlook

Zinc 4hr chart has formed “Descending broadening wedge” pattern. The last few sessions ended up bearish 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 199.50. The downside rally could be testing all the way through 198-196 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 203 level. Key resistance holds at 203.

Technical Chart

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