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Published on 4/05/2020 4:05:25 PM | Source: Enrich Commodities India Pvt Ltd

Natural Gas,Copper, Nickel, Silver, Lead, Zinc and Aluminium Commodity Report Of 04/05/2020 By Enrich Commodities

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Copper

Technical outlook

Copper May daily chart has formed"Descending broadening wedge"pattern. The last few sessions beenin sideways trend along with somecorrections inside the channel. Themarket is expected to continue onbullish momentum based on thecurrent price action, testing all the way through 410 levels in the upcoming sessions.Alternatively, if the market breaks below a key support holding at 399 then it might turnbearish once again. The downside rally could test up to 392 level. Key resistance holdsat 410.

Technical Chart

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Silver

Technical outlook

MCX Silver July futures technical charthas taken the formation of "Megaphonechart" pattern in weekly time frame.Last few sessions ended up in bullish intrend along with some correctionsinside the channel, where the market isexpected to continue on the bearishtrend. The continuation of the trend willbe confirmed once the prices breaks below a key support holding at 41500. Thenegative rally could be extending all the way up to 41100-40700 levels in the upcomingsessions. An alternative scenario indicates that if the key support holds strong then themarket might retest the same and revise the trend to bullish once again. The upsiderally could test up to 42700 level. Key resistance holds at 42700.

Technical Chart

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Aluminium

Technical outlook

Aluminium May daily chart hasformed "Ascending broadeningwedge" pattern. The last fewsessions been in sideways trendalong with some correctionsinside the channel. The market isexpected to continue on bearishmomentum based on the currentprice action, once the same breaks below a key support holding at 131.30. Thedownside rally could be testing all the way through 130-129 levels in the upcomingsessions. Alternatively, if the key support holds strong then the market might retest thesame and turn bullish once again. The upside rally could test up to 134 level. Keyresistance holds at 134.

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 bullish momentum based on the current price action, once the same breaks above a key resistance holding at 135. The upside rally could be testing all the way through 137-138.50 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 130 level. Key support holds at 130.

Technical Chart

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Natural gas

Technical outlook

Natural gas daily chart has formed“Megaphone chart” pattern. The last fewsessions ended up in sideways trendinside the channel. The market isexpected to continue on bearishmomentum based on the price action,once the same breaks below a keysupport holding at 143. The downsiderally could be testing all the way through 139 levels in the upcoming sessions.Alternatively, if the key support holds strong then the market might retest the sameand turn bullish once again. The upside rally could test up to 150 levels. Key resistanceholds at 150.

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 sidewaystrend along with some corrections insidethe channel. The market is expected tocontinue on the bullish term based on thecurrent price action, testing all the way upto 945 levels in the upcoming sessions.Alternatively, if the market breaks below a key support holding at 905 then it might turnbearish. The downside rally could test up to 875 level. Key resistance holds at 945.

Technical Chart

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Zinc

Technical outlook

Zinc May daily Chart has formed"Symmetrical triangle" pattern. The last fewsessions been in sideways trend along withsome corrections inside the channel. Themarket is expected to continue on thebullish term based on the current priceaction, testing all the way up to 153.50levels in the upcoming sessions.Alternatively, if the market breaks below a key support holding at 149 then it might turnbearish once again. The downside rally could be testing up to 146 level. Key resistanceholds at 153.50.

Technical Chart

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