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Thursday, January 7, 2016

Update on Base metals 07 Jan 2016






Copper




Not able to breach its resistance level of 314 and crashed vertically to 304.50 mark. We recommended fresh selling below 308 level


Now what to expect???


Three consecutive closes + weekly close below 308 will see sharp downside panic till 293---289 and then to 276 mark in days to come

On rise sell it!! Stop loss above 314 on closing basis







Lead




As expected... Lead crashed vertically and made a low of 109.75. We recommended selling below 116, 113.30 and then below 112.00 mark


Now what to expect???


Below 112.... our target intact 107---105.50 mark

Revise stop loss of 112






Zinc




Told to sell around 103.00 mark. Just made a low of 98.90.


Now what to expect???


Close below 98.50 will take to 97.00---96.00 mark in days to come

Revise stop loss above 100 mark









Aluminium



Support at 97.50 and Resistance at 99.50


Looks weak and could test its support level of 97.50. Three consecutive closes + weekly close below 97.50 will see sharp downside panic till 93.00---92.00 and then to 88.00 mark in days to come


Else it could test its resistance level of 99.50 again. Major Hurdle at 102.00


Trade with levels only









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