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Published on 10/12/2019 10:58:54 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 10/12/2019 By Enrich Commodities

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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

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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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 440. The upside rally could be testing all the way through 444-448 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 430 level. Key support holds at 430.

Technical Chart

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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 bullish momentum based on the current price action, testing all the way up to 156 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 152 then it might turn bearish once again. The downside rally could test up to 150 level. Key resistance holds at 156.

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 bearish trend breaking the channel’s support trend line. The market is expected to continue on bearish momentum based on the price action, once the same breaks below a key support holding at 155. The downside rally could be testing all the way through 150- 145 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 161 level. Key resistance holds at 161.

Technical Chart

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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 bearish term based on the current price action, once the same breaks below a key support holding at 974. The downside rally could be testing all the way through 960-948 level 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 1015 level. Key resistance holds at 1015.

Technical Chart

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Silver

Technical Outlook

MCX Silver Mar futures technical chart has taken the formation of "Falling wedge" 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 bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 43300. The negative rally could be extending all the way up to 43000-42600 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. The upside rally could test up to 44100 level. Key resistance holds at 44100.

Technical Chart

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Zinc

Technical Outlook

Zinc Dec daily chart has formed “Ascending broadening 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 181.50. 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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