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Published on 24/04/2020 2:57:45 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Nickel, Silver, Natural Gas, Lead, Zinc and Aluminium Commodity Report Of 24/04/2020 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 404. The upside rally could be testing all the way through 409-414 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 390 level. Key support holds at 390.

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 935. The upside rally could be testing all the way up to 955-970 level 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 890 level. Key support holds at 890.

Technical Chart

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Silver

Technical outlook

MCX Silver May 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 41600. The negative rally could be extending all the way up to 41200-40800 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 42800 level. Key resistance holds at 42800.

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 bearish momentum based on the price action, once the same breaks below a key support holding at 137. The downside rally could be testing all the way through 133-129 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 148 levels. Key resistance holds at 148.

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 133. The downside rally could be testing all the way through 131-130 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 137.50 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 147.80. The downside rally could be testing all the way up to 146-145 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 152 level. Key resistance holds at 152.

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 133.50. The downside rally could be testing all the way through 132-131 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

To Read Complete Report & Disclaimer Click Here

 

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