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Wednesday, October 21, 2015

Update On Basemetals 21-10-2015









Copper




  Copper unable to breach its resistance level of 352 and slipped to 339.25 mark

Now what to expect???

Support at 339 and Resistance at 343

Two consecutive closes below 339 will take to 335---332 and then to 328 mark in days to come else it could test its resistance level of 343 and then to 346---349---352 again

Further upside rally seen only close above 352 mark

Trade with levels only





Zinc




Panic continues and made a fresh low of 113.50. We are holding short from 116.40 mark

Now what to expect???

Close below 113.50 will see further panic till 112---110.50 mark in days to come

Revise stop loss of 115 on closing basis






Lead



  Told to sell Lead below 115.50 mark. Slipped and made a low of 114.30


Now what to expect???


Two consecutive closes below 115.50 will take to 113---112 and then to 110 mark in days to come

Revise stop loss of 116.00 on closing basis







Aluminium





  Panic continues and made a low of 96.95. We recommended selling below 99.40 mark


Now what to expect???


Support at 96.50 and Resistance at 99.50

Three consecutive closes + weekly close below 96.50 will see further panic till 93.00---92.00 and then to 89.00 mark in days to come

Trade with levels only






Nickel




Support at 670 and Resistance at 700


Two consecutive closes below 670 will take to 640---625 and then to 610 mark in days to come else it could test its resistance level of 700 again


Further upside rally seen only close above 700 mark






More will be update soon!!