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Published on 10/08/2018 12:21:46 PM | Source: Enrich Commodities India Pvt Ltd

Natural gas , Silver , Nickel , Copper , Zinc Commodity Report Of 10/8/2018 By Enrich Commodities

ALUMINIUM

Technical outlook

Aluminium daily chart has formed “Right angled ascending broadening wedge pattern”. The last session been a strong bearish one after few positive rallies inside the channel. The market is expected to continue on the bearish momentum, testing all the way through 140-138 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance zone holding near 145, then it might turn bullish once again. The upside rally could test 146-148 levels. Key support holds at 138.

Technical Chart:

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COPPER

Technical outlook

Copper daily chart has formed “Megaphone chart” pattern. The last session ended up consolidated but bullish in trend inside the channel. The market indicates selling pressure as the previous candlestick has taken the formation of a “shooting star” like pattern. The contract is expected to continue on bearish momentum, testing all the way through 418-415 levels in the upcoming sessions. Alternatively, if the market been able to break above a key resistance holding at 424 and closes above the same in daily basis, then it might turn bullish once again. The upside rally could test 428-432 levels. Key support holds at 415.

Technical Chart:

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LEAD

Technical outlook

Lead daily chart has formed “Right angled descending broadening wedge” pattern. The last few sessions ended up bearish in trend near the channel’s support slope line. The market is expected to continue on the bearish momentum, once the same breaks below the key support zone holding near 144. The downside rally could be testing all the way through 142-140 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The downside rally could test 146-148 levels. Key resistance holds at 148.

Technical Chart:

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up bullish in trend after retesting near the channel’s support slope line. The market is expected to continue in bullish term, once the same breaks above a key resistance holding at 204. The upside rally could be testing all the way through 206-208 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 196 level. Key support holds at 196.

Technical Chart:

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NICKEL

Technical outlook

Nickel daily chart has formed “Rising channel” pattern. The last session been bearish in trend after few positive rallies inside the channel. The market is expected to continue on the bearish momentum, testing all the way through 940-920-910 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance zone currently holding at 965 then it might turn bullish. The upside rally could test 980-1000 levels. Key support holds at 910.

Technical Chart:

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SILVER

Technical outlook

Silver daily chart has formed “Right angled ascending broadening wedge” pattern. The last session ended up bullish in trend after retesting near the pattern’s support line. The market is expected to continue on bullish term, upside rally could be testing all the way through 38300-38500 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 37800 then it might turn to bearish momentum. The downside rally could test 37600-37500 levels. Key resistance holds at 38500.

Technical Chart:

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ZINC

Technical outlook

Zinc daily chart has formed “Descending broadening wedge” pattern. The last session ended up bearish in trend after retesting near a key resistance zone inside the channel. The market is expected to continue on bearish momentum, testing all the way through 177-174 levels in the upcoming sessions. Alternatively, if the market breaks above the key resistance holding at 183, then it might turn bullish. The upside rally could test around 185-187 levels. Key support holds at 174.

Technical Chart:

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