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Published on 24/05/2018 12:15:29 PM | Source: Enrich Commodities India Pvt Ltd

Nickel , Zinc , Aluminium , Lead , Natural gas Commodity Report Of 24/5/2018 By Enrich Commodities

ALUMINIUM

Technical outlook

Aluminium 4hr chart has formed “Falling wedge” pattern. The last session ended up bullish in trend as the prices have broken out the channel’s resistance slope line. The market is expected to continue in bullish momentum, once the same breaks above a key resistance holding at 156. The upside rally could test all the way through 158-160 levels in the upcoming sessions. Alternatively, if the resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test 154-153 levels. Neckline support holds at 153.

Technical Chart:

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COPPER

Technical outlook

Copper daily chart has formed “Rising wedge” pattern. The last session ended up strongly bearish in trend near the channel’s support slope line. The market is expected to continue in bearish momentum, once the same breaks below the key support holding at 462.50. The downside rally could test all the way through 460-455 levels in the upcoming sessions. Alternatively, if the support holds strong then the market might retest the same and turn bullish. The upside rally could test 466-468 levels. Key resistance holds at 472.50.

Technical Chart:

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LEAD

Technical outlook

Lead daily chart has formed “Broadening top” pattern. The last few sessions ended up strongly bullish in trend inside the channel. The market is expected to continue in bullish momentum, testing all the way through 170-173 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 165 then it might have a chance to turn bearish. Key resistance holds at 173.

Technical Chart:

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Rising channel” pattern. The last few sessions ended up in strong bullish in trend near the channel’s resistance slope line. The market is expected to retest the resistance slope line and turn bearish. The downside rally could test all the way through 198-195 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 202 then it might continue in bullish momentum. The upside rally could test 205-208 levels. Key support holds at 195.

Technical Chart:

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NICKEL

Technical outlook

Nickel hourly chart has formed “Rectangle chart” pattern. The last session ended up bullish in trend retesting the key support holding at 985. The market is expected to continue on a bullish momentum, testing all the way through 1000-1005 levels in the upcoming sessions. Alternatively, if the market breaks below the key support then it might have a chance on turning overall bearish. Key resistance holds at 1005.

Technical Chart:

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SILVER

Technical outlook

Silver daily chart has formed “Symmetrical triangle” pattern. The last session ended up bearish in trend retesting the channel’s resistance slope line. The market is expected to continue in bearish momentum, testing all the way through 40000-39750 levels in the upcoming sessions. Alternatively, if the market breaks above the key resistance holding at 40600 then it might turn bullish once again. The upside rally could test 40800-41000 levels. Key support holds at 39750.

Technical Chart:

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ZINC

Technical outlook

Zinc daily chart has formed “Falling wedge” pattern. The last few sessions ended up bearish in trend after retesting the channel’s resistance slope line. The market is expected to continue on a bearish momentum, once the same breaks below a key support holding at 205. The downside rally could test all the way through 204-202 levels and furthermore in the upcoming sessions. Alternatively, if the support holds strong then the market might retest the same and turn bullish. The upside rally could test 208-212 levels. Key resistance holds at 212.

Technical Chart:

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