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Published on 9/12/2019 11:05:28 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 09/12/2019 By Enrich Commodities

Posted in Commodities Reports| #Commodity Tips #Enrich Commodities India Pvt Ltd

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Aluminium

Technical Outlook

Aluminium Dec daily chart has formed "Falling channel" pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on the bearish momentum based on the current price action, once the same breaks below a key support holding at 132. The downside rally could be testing all the way through 130-128 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 136 level. Key resistance holds at 136.

Technical Chart

 

Copper

Technical Outlook

Copper Dec daily 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 bearish momentum based on the current price action, once the same breaks below a key support holding at 429. The downside rally could be testing all the way through 425-421 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 435 level. Key resistance holds at 435.

Technical Chart

 

Lead

Technical Outlook

Lead Dec Daily chart has formed “Right angled ascending broadening wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 151.50. the downside rally could be testing all the way up to 150-148 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 156 level. Key resistance holds at 156.

Technical Chart

 

Natural Gas

Technical Outlook

Natural gas daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up in sideways trend along with some corrections 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 176. The upside rally could be testing all the way through 180-184 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 168 level. Key support holds at 168.

Technical Chart

 

Nickel

Technical Outlook

Nickel Dec 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, testing all the way through 1015 level in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 970 then it might turn bearish once again. The downside rally could test up to 950 level. Key resistance holds at 1015.

Technical Chart

 

Silver

Technical Outlook

MCX Silver Mar futures technical chart has taken the formation of "Symmetrical triangle" pattern in daily time frame. Last few sessions ended up in sideways in trend along with some corrections inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 44650. The positive rally could be extending all the way up to 45000-45300 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might retest the same and revise the trend to bearish. The downside rally could test up to 43850 level. Key support holds at 43850.

Technical Chart

 

Zinc

Technical Outlook

Zinc Dec daily chart has formed “Rising wedge” pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 182. The downside rally could be testing all the way through 180-178 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 186 level. Key resistance holds at 186.

Technical Chart

 

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