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Published on 19/05/2020 1:18:35 PM | Source: Enrich Commodities India Pvt Ltd

Natural Gas,Copper, Nickel, Silver, Lead, Zinc and Aluminium Commodity Report Of 19/05/2020 By Enrich Commodities

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Aluminium

Technical outlook

Aluminium May daily chart has formed "Ascending 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 bullish momentum based on the current price action, testing all the way through 133 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 130 then it might turn bearish/sideways mode. The downside rally could test up to 128. Key resistance holds at 133.

Technical Chart

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Copper

Technical outlook

Copper May 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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 413. The upside rally could be testing all the way through 416-419 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 404 level. Key support holds at 404.

Technical Chart

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Lead

Technical outlook

Lead May Futures Weekly chart has formed "Falling channel" pattern. The last few sessions been 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 132.50. The upside rally could be testing all the way through 134-135.50 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 128 level. Key support holds at 128.

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 in sideways trend 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 140.50. The upside rally could be testing all the way through 144-147 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 131 levels. Key support holds at 131.

Technical Chart

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Nickel

Technical outlook

Nickel May 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 the bullish term based on the current price action, once the same breaks above a key resistance holding at 935. The upside rally could be testing all the way up to 945-960 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 900 level. Key support holds at 900

Technical Chart

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Silver

Technical outlook

MCX Silver July futures technical chart has taken the formation of "Megaphone chart" pattern in weekly time frame. Last few sessions ended up in bullish in trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 47550. The negative rally could be extending all the way up to 47150-46800 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might retest the same and revise the trend to bullish once again. The upside rally could test up to 48600 level. Key resistance holds at 48600.

Technical Chart

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Zinc

Technical outlook

Zinc May daily Chart has formed "Symmetrical triangle" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks above a key resistance holding at 158. The upside rally could be testing all the way up to 159.50-161 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could be testing up to 154 level. Key support holds at 154.

Technical Chart

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