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Published on 23/09/2019 10:50:01 AM | Source: Enrich Commodities India Pvt Ltd

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 23/09/2019 By Enrich Commodities

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Aluminium

Technical Outlook

Aluminium Sept daily chart has formed "Falling 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 the bearish momentum based on the current price action, once the same breaks below a key support holding at 138. The downside rally could be testing all the way through 136-134 levels in the upcoming sessions. Alternatively, if key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 142 level. Key resistance holds at 142.

Technical Chart

 

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Copper

Technical Outlook

Copper Sept daily chart has formed “Rising wedge” 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 441. The downside rally could be testing all the way through 436-432 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 455 level. Key resistance holds at 455.

Technical Chart

 

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Lead

Technical Outlook

Lead Sept Daily chart has formed “Rectangle chart” 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, once the same breaks above a key resistance holding at 156. The upside rally could be testing all the way up to 157-158 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 151 level. Key support holds at 151.

Technical Chart

 

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Natural Gas

Technical Outlook

Natural gas daily chart has formed “Falling 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 price action, once the same breaks below a key support holding at 178. The downside rally could be testing all the way through 174-170 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 192 level. Key resistance holds at 192.

Technical Chart

 

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Nickel

Technical Outlook

Nickel Sept daily Chart has formed "Rising channel" 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 1270. The upside rally could be testing all the way through 1285-1300 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 1220 level. Key support holds at 1220.

Technical Chart

 

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Silver

Technical Outlook

MCX Silver Dec futures technical chart has taken the formation of "Right angled ascending broadening 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 price breaks below a key support holding at 46260. The negative rally could be extending all the way up to 46000-45800 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 47000 level. Key resistance holds at 47000.

Technical Chart

 

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Zinc

Technical Outlook

Zinc Sept 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 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 188 level. Key resistance holds at 188.

Technical Chart

 

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