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Published on 25/06/2019 10:43:15 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 25/06/2019 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 140.50. The downside rally could be testing all the way through 139-137 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 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. The downside rally could test up to 153-152 levels. Key support holds at 152.

Technical Chart

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Natural Gas

Technical Outlook

Natural gas daily chart has formed “Falling wedge” pattern. The last session ended up in bullish trend after few negative rallies inside the channel. The market is expected to continue on bullish momentum based on the price action, once the same breaks above a key resistance holding at 162. The upside rally could be testing all the way through 166-170 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 150 level. Key support holds at 150.

Technical Chart

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Nickel

Technical Outlook

Nickel 4hr Chart has formed “Rising channel” 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 876. The downside rally could be testing all the way through 870-865 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 888-895 levels. Key resistance holds at 895.

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 consolidated trend after a short-term rally inside the channel, where the market is expected to continue on the bullish trend. The positive rally could be extending all the way up to 38300-38500 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 37910 then it might revise the trend to bearish once again. The downside rally could test up to 37800-37600 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 session ended up bullish in trend after few negative rallies 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 202.50. The upside rally could be testing all the way through 204-206 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 199 level. Key support holds at 199.

Technical Chart

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