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Published on 3/06/2020 10:36:04 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Nickel, Silver, Natural Gas, Lead, Zinc and Aluminium Commodity Report Of 03/06/2020 By Enrich Commodities

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

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ALUMINIUM

Aluminium June daily chart has formed "Falling 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 133. The upside rally could be testing all the way through 134-135 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn the trend to bearish/sideways mode. Key support holds at 132.

Technical Chart

 

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COPPER

Technical outlook

Copper June 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 423.50. The downside rally could be testing all the way through 427-430 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 416 level. Key support holds at 416.

Technical Chart

 

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LEAD

Technical outlook

Lead June 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 135. The upside rally could be testing all the way through 136.50-138 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 130 level. Key support holds at 130.

 

Technical Chart

 

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Right angled Ascending broadening wedge” pattern. The last few sessions ended up in sideways trend 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 133. The downside rally could be testing all the way through 130-127 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 142 levels. Key resistance holds at 142.​​​​​​​

 

Technical Chart

 

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NICKEL

Technical outlook

Nickel June 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 above a key resistance holding at 968. The upside rally could be testing all the way up to 984-1000 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 930 level. Key support holds at 930.​​​​​​​

 

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 sideways 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 48900. The negative rally could be extending all the way up to 48500-48100 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/sideways mode. The upside rally could test up to 50100 level. Key resistance holds at 50100.

 

Technical Chart

 

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ZINC

Technical outlook

Zinc June 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 the bearish term based on the current price action, testing all the way up to 156 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 160 then it might turn bullish once again. The upside rally could be testing up to 162.50 level. Key support holds at 156.

 

Technical Chart

 

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