We clearly indicated that will not buy base metal and be cautious at upper levels.
Have a technical outlook on base metals ...
Zinc
Crashed and made a low of 186.50 and trading around 186.80. We are holding short from 191.80.
Support at 185.50. Weekly close below 185.50 confirms double top pattern on chart.
Weekly close below 185.50 will see sharp downside panic till 181---177 mark in days to come
Hurdle and stop loss above 190.50---194.80.
Trade with levels only.
Lead
Looks weak below 156 and could test 152---150.50 and then to 149 mark.
More and more downside panic will see only close below 149.
Hurdle intact at 158---161.50
Aluminium
Below 125... Panic continuessss. Now trading around 122
Now what to expect???
Support at 121 and resistance at 125.
Weekly close below 121 will see sharp downside panic till 117----114 mark in days yo come.
Else it could take reversal.... So trade safely in a range with strict stop loss.
Nickel
Support at 681 and resistance at 691
Break and close above 691 will take to 698---703 and then to 712 mark else it could test its support level of 681 again.
Fresh selling can initiate only weekly close below 681 mark.
Trade with levels only
More will update soon!!
