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Friday, February 26, 2016

Update on Base metals 26 Feb 2016






Copper





Support at 313 and Resistance at 320---324


Above 320... it could test 323---324. Three consecutive closes + weekly close above 324 will see non stop rally in Copper till 340---355+ mark in days to come


Else it could test its support level of 313 again. Close below 313 will take to 310---306 mark 


Trade with levels only









Nickel





Support at 555---540 and Resistance at 610---625


Close above 584 will take to 596---603 and then to 610---625 mark in days to come


Else it could test its support level of 555---540 again


Further downside panic will see only weekly close below 540 mark


Traders can buy and accumulate Nickel in panic with stop loss below 540 on closing basis









Lead






Support at 115 and Resistance at 118.50


Two consecutive closes above 118.50 will take to 121----122.50 and then to 125 mark in days to come else it could test its support level of 115 again


Further downside panic will see only weekly close below 115.00 mark


Trade with levels only








Zinc






Support at 119 and Resistance at 123


Weekly close below 119 will take to 116---113 mark in days to come else it could test its resistance level of 123 again



Further upside rally seen only weekly close above 123 mark


Trade with levels only













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