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Published on 7/05/2020 2:50:18 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Nickel, Silver, Natural Gas, Lead, Zinc and Aluminium Commodity Report Of 07/05/2020 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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 405. The upside rally could be testing all the way through 408- 412 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 395 level. Key support holds at 395.

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 bullish term based on the current price action, once the same breaks above a key resistance holding at 942. The upside rally could be testing all the way up to 960-970 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 900 level. Key support holds at 900.

 

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 bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 42000. The positive rally could be extending all the way up to 42400-42800 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 once again. The downside rally could test up to 40800 level. Key support holds at 40800.

Technical Chart

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Natural Gas

Technical outlook

Natural gas daily chart has formed “Rounded bottom” 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 149. The downside rally could be testing all the way through 146-144 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 157 levels. Key resistance holds at 157.

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 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 130-129 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 136 level. Key resistance holds at 136.

Technical Chart

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Zinc

Technical outlook

Zinc May daily 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 bullish term based on the current price action, once the same breaks above a key resistance holding at 154. The upside rally could be testing all the way up to 155.50-157 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 be testing up to 149 level. Key support holds at 149.

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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 132. 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 bearish/sideways mode. Key support holds at 130.50.

Technical Chart

To Read Complete Report & Disclaimer Click Here

 

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