Update on Base Metals (25th Oct 2017)
Copper
Prices tried to breach its immediate resistance zone 460—467 but, failed to sustain at higher level.
Now what to expect??
Support at 452 and Resistance at 460--467.
Looks weak on chart. Break and sustain below 452 will take it towards 446---441 and then 438 mark in near term.
Fresh buying can be initiated only above 467 mark.
Trade with levels only.
Nickel
The double top pattern is found at the peaks of an upward trend, a clear signal that the previous upward trend is weakening and that buyers are losing interest.
Now what to expect??
Support seen at 770 and Resistance at 790.
Looks weak on chart. Break and close below 770 will take it towards 751—728 and then 705 mark else it could touch its resistance level of 790.
Fresh selling can be initiated only below 698 mark.
Trade with levels only.
Lead
Support seen at 159.50 and Resistance at 163.50.
We expect a bit correction from here and prices likely to touch 159.50 .Break and close below 159.50 will take it to 157---154.5 and then 151 mark in near term else it could touch its resistance level of 163.5 mark again.
Fresh buying can be initiated only above 163.5 mark
Trade with levels only. Any reversal seems will update
Zinc
Support seen at 209 and Resistance is at 212.
Looks weak on chart if prices unable to breach its immediate resistance of 212. More panic will see only close below 209 which will take it towards 206—203.5 and then 199 mark in near term.
Fresh buying can be initiated only close above 212.
Trade with levels only.
Aluminium
Support at 138 and resistance is 142
Panic likely to continue from here .Stainable move below 138 will take it to 135.5—134 and then 131 mark in near term.
Fresh buying can be initiated only on close above 142.
Trade with levels only. Any reversal seems will update
More will update soon!!!
