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Friday, March 18, 2016

Update on Basemetals 18 Mar 2016








Copper




Told to buy Copper on an average of 337.50. Just made a high of 343.85


Now what to expect???


Three consecutive closes + weekly close above 339 will see sharp upside rally till 349---355+ mark in days to come

Fresh selling can initiate only close below 332 mark

Trade with levels only








Nickel






Told to buy around 585---582 with stop loss of 570. Just made a high of 598.70


Now what to expect???


Weekly close above 600 will see more upside rally till 625---640+ mark again

Revise stop loss at cost to cost... Major support at 570









Zinc





Looks positive on charts and could test 125---126.50+ mark in days to come

Support and stop loss intact below 121 on closing basis











Aluminium





Support at 100.50 and Resistance at 102.50


Weekly close below 100.50 will take to 96---94.50 mark in days to come else it could test its resistance level of 102.50 again


Further upside rally will see only close above 102.50 mark


Trade with levels only















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