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Published on 18/05/2020 3:58:33 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Nickel, Silver, Natural Gas, Lead, Zinc and Aluminium Commodity Report Of 18/05/2020 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 400. The downside rally could be testing all the way through 396-393 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 410 level. Key resistance holds at 410.

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 895. The downside rally could be testing all the way up to 865 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 940 level. Key resistance holds at 940.

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 46900. The positive rally could be extending all the way up to 47300-47700 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 45700 level. Key support holds at 45700.

 

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 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 124.50. The downside rally could be testing all the way through 120 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 132 levels. Key resistance holds at 132.

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 129. The downside rally could be testing all the way through 127.50-126 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 133 level. Key resistance holds at 133.

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 bearish term based on the current price action, testing all the way up to 151 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 154.80 then it might turn bullish once again. The upside rally could be testing up to 158 level. Key support holds at 151.

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 129.50. The downside rally could be testing all the way through 128-127 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish/sideways mode. The upside rally could test up to 133. Key resistance holds at 133.

Technical Chart

To Read Complete Report & Disclaimer Click Here

 

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