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Published on 13/06/2018 11:57:20 AM | Source: Enrich Commodities India Pvt Ltd

Nickel , Natural gas , Silver , Zinc , Lead Commodity Report Of 8/6/2018 By Enrich Commodities

ALUMINIUM

Technical outlook

Aluminium hourly chart has formed “Ascending broadening wedge” pattern. The last session ended up retesting near the channel’s support slope line. The market is expected to continue on the bullish trend, testing all the way through 157.50-159 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 155.50 then it might turn bearish. The downside rally could test 154-152 levels. Key resistance holds at 159.

Technical Chart:

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COPPER

Technical outlook

Copper hourly chart has formed “Falling wedge” pattern. The last session ended up retesting near the channel’s resistance slope line. The market is expected to continue on a bearish momentum, testing all the way through 482-480 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 488 then it might turn to overall bullish once again. The upside rally could test 490- 492 levels. Key support holds at 480.

Technical Chart:

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LEAD

Technical outlook

Lead hourly chart has formed “Falling wedge” pattern. The last session ended up bearish in trend retesting the channel’s support slope line. The market is expected to continue on the bearish trend, once the same breaks below a key support holding at 166. The downside rally could test all the way through 164.50-163 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 168-170 levels. Key resistance holds at 170.

Technical Chart:

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Rising channel” pattern. The last session ended up bearish in trend on a gap up formation inside the channel. The market is expected to continue on the bullish trend, once the same breaks above a key resistance holding at 202. The upside rally could test all the way through 203-205 levels in the upcoming sessions. Alternatively, if the resistance holds strong then the market might retest the same and turn bearish. The downside rally could test 198-195 levels. Key support holds at 195.

Technical Chart:

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NICKEL

Technical outlook

Nickel 4hr chart has formed “Rising channel” pattern. The last session ended up bearish in trend as the prices have broken out the channel’s support slope line. The market is expected to continue on the bearish trend, testing all the way through 1015-1000 levels in the upcoming sessions. Alternatively, if the market breaks above the key resistance zone near 1045 then it might turn bullish. The upside rally could test 1050-1060 levels. Key resistance holds at 1060.

Technical Chart:

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SILVER

Technical outlook

Silver 4hr chart has formed “Rectangle chart” pattern. The last session ended up bearish retesting near the pattern’s horizontal resistance line. The market is expected to continue on a bullish momentum, once the same breaks above the strong resistance holding at 40800. The upside rally could test all the way through 40900-41000 levels in the upcoming sessions. Alternatively, if the resistance holds real strong then the market might retest the same once again and turn bearish. The downside rally could test 40600-40500 levels. Key support holds at 40500.

Technical Chart:

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ZINC

Technical outlook

Zinc daily chart has formed “Rising channel” pattern. The last few sessions ended up bullish in trend near the channel’s resistance slope line. The market is expected to continue on a bullish momentum, once the same breaks above a key resistance holding at 218.50. The upside rally could test all the way through 220-223 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 215-213 levels. Key support holds at 213.

Technical Chart:

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