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Published on 28/05/2020 11:25:06 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Nickel, Silver, Natural Gas, Lead, Zinc and Aluminium Commodity Report Of 28/05/2020 By Enrich Commodities

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ALUMINIUM

Technical outlook

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 bearish momentum based on the current price action, once the same breaks below a key support holding at 131. The downside rally could be testing all the way through 129 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn the trend to bullish/sideways mode. Key resistance holds at 132.

 

Technical Chart

 

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COPPER

Technical outlook

Copper June daily 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 410. The downside rally could be testing all the way through 407-403 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 420 level. Key resistance holds at 420.

 

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, testing all the way through 135 levels in the upcoming sessions. Alternatively, if the key market breaks below a key support holding at 131 then it might turn bearish once again. The downside rally could test 128.50 level. Key resistance holds at 135.

 

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, testing all the way through 139 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 147 then it might turn bullish once again. The upside rally could test up to 152 levels. Key support holds at 139.

 

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 below a key support holding at 920. The downside rally could be testing all the way up to 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 sideways 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 48550. The positive rally could be extending all the way up to 49000-49300 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 47400 level. Key support holds at 47400.

 

Technical Chart

 

 

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ZINC​​​​​​​

Technical outlook

Zinc June 4hr Chart has formed "Rising channel" 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 155.50. The downside rally could be testing all the way up to 154-152.50 levels in the upcoming sessions. Alternatively, if the key support holds strong then market might retest the same and turn bullish once again. The upside rally could be testing up to 160 level. Key resistance holds at 160.

 

Technical Chart

 

 

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