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Wednesday, August 26, 2015

Update on Base metals & Energy 26 Aug 2015

 


Copper




Support at 330 and Resistance at 336---343

Two consecutive closes + weekly close below 330 will see free fall in Copper till 323 and then to 318----313 mark in days to come

Will it break 300 mark???




Nickel




Support at 622 and Resistance at 642

Close below 622 will take to 605---590 and then to 565 mark in days to come else it could test its resistance level of 642 again

Fresh buying can initiate only weekly close above 642 mark

Trade with levels only





Lead




Support at 108.50 and Resistance at 111

Two consecutive closes below 108.50 will take to 105---103.50 mark in days to come else it could test its resistance level of 111 again

Further upside rally seen only close above 111 mark

Trade with levels only




Zinc




Two consecutive closes below 113.50 will take to 110.50---109.00 mark in days to come

Hurdle intact at 116





Crude oil




Support at 2600 and Resistance at 2670

Break and sustain below 2600 will take to 2555---2530 mark. Further panic seen only weekly close below 2530 mark else it could test its resistance level of 2670 and then to 2700---2740 again


Further upside rally seen only weekly close above 2740 mark




Trade with levels only. More will update soon!!