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Published on 1/05/2020 5:49:49 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Nickel, Silver, Natural Gas, Lead, Zinc and Aluminium Commodity Report Of 01/05/2020 By Enrich Commodities

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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 bearish momentum based on the current price action, once the same breaks below a key support holding at 402. The downside rally could be testing all the way through 397 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bearish. The downside rally could test up to 410 level. Key support holds at 397.

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 bearish term based on the current price action, once the same breaks below a key support holding at 915. The downside rally could be testing all the way up to 900- 890 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 960 level. Key resistance holds at 960.

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 41200. The negative rally could be extending all the way up to 40800-40400 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 42400 level. Key resistance holds at 42400.

Technical Chart

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Natural Gas

Technical outlook

Natural gas daily chart has formed “Megaphone chart” 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, be testing all the way through 150 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 142 then it might turn bearish once again. The downside rally could test up to 137 levels. Key resistance holds at 150.

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, testing all the way through 137.50 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 132.50 then it might turn bearish once again. The downside rally could test up to 128 level. Key resistance holds at 137.50.

Technical Chart

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Zinc

Technical outlook

Zinc May 4hr 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 below a key support holding at 149.50. The downside rally could be testing all the way up to 148-146 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might end up on bullish or sideways mode. Key resistance holds at 153.

Technical Chart

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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 bearish momentum based on the current price action, once the same breaks below a key support holding at 131.50. The downside rally could be testing all the way through 130-129 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 134 level. Key resistance holds at 134.

Technical Chart

To Read Complete Report & Disclaimer Click Here
 

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