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Published on 5/05/2020 3:42:16 PM | Source: Enrich Commodities India Pvt Ltd

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

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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 bullish momentum based on the current price action, testing all the way through 137 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 133 then it might turn bearish once again. The downside rally could test up to 130 level. Key resistance holds at 137.

Technical Chart

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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, testing all the way through 405 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 396 then it might turn bearish once again. The downside rally could test up to 390 level. Key resistance holds at 405.

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 130.60. The downside rally could be testing all the way through 129-128 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 134 level. Key resistance holds at 134.

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 bullish momentum based on the price action, once the same breaks above a key resistance holding at 151.50. The upside rally could be testing all the way through 154-156 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 144 levels. Key support holds at 144.

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, testing all the way up to 153.50 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 149 then it might turn bearish once again. The downside rally could be testing up to 146 level. Key resistance holds at 153.50.

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, testing all the way up to 930 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 900 then it might turn bearish. The downside rally could test up to 870 level. Key resistance 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 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 41100. The negative rally could be extending all the way up to 40700-40300 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 42300 level. Key resistance holds at 42300.

Technical Chart

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