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Monday, October 26, 2015

Update on Basemetals 26 Oct 2015





Today, we have seen positive momentum in base metals but be cautious at upper levels as overall trend looks weak






Have a look on it!!





Copper



  
Support at 339 and Resistance at 346.50

Two consecutive closes below 339 will take to 334---331 and then to 326 mark in days to come else it could test its resistance level of 346.50 and then to 349---352 again

Further upside rally seen only close above 352 mark

Trade with levels only






Zinc





  Support at 112 and Resistance at 115.50

Close below 112 will see further panic till 108.50--107 mark in days to come else it could test its resistance level of 115.50 again

Further upside rally seen only close above 115.50 mark

Trade with levels only







Lead




  Support at 112 and Resistance at 114.50---116

Two consecutive closes below 112 will take to 108---106.50 and then to 103 mark in days to come else it could test its resistance level of 114.50---116 mark again

Further upside rally seen only close above 116.00 mark

Trade with levels only







Aluminium




  Crashed vertically and made a low of 93.85. We recommended selling below 99.40 mark and now trading around 95.50


Now what to expect???


Now fresh selling can initiate only close below 93.80 mark else it could test its resistance level of 97---99.50 again

Trade safely 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!!