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Published on 11/01/2018 12:46:24 PM | Source: Enrich Commodities India Pvt Ltd

(Silver , Gold , Zinc , Lead Copper) Commodity Report Of 11/1/2018 By Enrich Commodities India Pvt Ltd

ALUMINIUM

Technical outlook

Aluminium daily chart has formed “Falling wedge” pattern along with the “Rising channel”. The last few sessions seems consolidated but bearish in trend. Exclusively the last session ended up retesting a middle support level holding near 137 and turned bullish. The market is expected to continue on the same trend testing all the way through 140-141 levels in the upcoming sessions. Alternatively, if market breaks below the support level then it might continue in bearish momentum. The downside rally could test 136- 134.50 levels. Resistance holds at 145 and Previous resistance become Support at 137.

Technical Chart:

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COPPER

Technical outlook

Copper daily chart has formed “Bullish flag chart” pattern. The last few sessions seems consolidated but bullish in trend. Exclusively the last session ended up retesting the channel’s resistance slope line. The market is expected to continue on the bullish trend once the same breaks above the resistance slope line, testing all the way through 460- 462 levels in the upcoming sessions. Alternatively, if resistance line holds strong then market might turn bearish. The downside rally could test 455-452 levels. Resistance holds at 462 and Previous resistance become Support at 452.

Technical Chart:


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LEAD

Technical outlook

Lead daily chart has formed “Rounding bottom” pattern along with the “Rising channel”. The last few sessions seems consolidated but bullish in trend. The market is expected to continue on the bullish trend till it reaches the horizontal resistance level holding at 165.50, testing all the way through 164-165 levels in the upcoming sessions. Once market breaks above the resistance level then buy signal will be confirmed. The upside rally could test 167-170. Alternatively, if market breaks below the channel’s support slope line then it might continue in bearish momentum. Support holds at 160.

Technical Chart:

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Bearish Megaphone chart” pattern. The last few sessions seems consolidated but bullish in trend as the prices have retested a support slope level holding near 176. The market is expected to continue on the bullish trend till it reaches the slope resistance line holding at 192, testing all the way through 188-190 levels in the upcoming sessions. Alternatively, if market breaks below the support level inside the channel holding near 180 then it might turn bearish. The downside rally could test 178-176 levels.

Technical Chart:

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NICKEL

Technical outlook

Nickel daily chart has formed “Ascending broadening wedge” pattern. The last few sessions seems strongly bullish in trend as the prices have retested a support slope level holding near 780. The market is expected to continue on the bullish trend till it reaches the major resistance level holding at 840, testing all the way through 825- 830 levels in the upcoming sessions. Alternatively, we can also expect a small correction on negative momentum.

Technical Chart:

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SILVER

Technical outlook

Silver 4hr chart has formed “Rectangle chart” pattern. The last few sessions seems bearish in trend as the prices have retested the channel’s resistance level holding near 39370. The market is expected to continue on the bearish trend till it reaches the major support level holding at 38770, testing all the way through 38900-38800 levels in the upcoming sessions. Alternatively, once market reaches the support then it might turn bullish once again.

Technical Chart:


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ZINC

Technical outlook

Zinc daily chart has formed “Rising channel” pattern. The last session seems consolidated near the channel’s support line but bullish in trend. As per the technical aspects of the pattern, the market is expected to continue in the same trend. The upside rally could test 216-217 levels in upcoming sessions. Alternatively, if market breaks below the support level holding at 213, then it might turn bearish testing all the way through 212-210. Major resistance holds at 217.

Technical Chart:

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