Update on Base Metals (10th November 2017)
Copper
Support at 437 and Resistance at 455.
During the week both side instability has been noticed.
Now what to expect??
If prices unable to breach and close above its immediate resistance of 455 then we can see a vertical crash in it over the medium term till 437—432 and then 425 mark.
Fresh buying can be initiated only on close above 455 mark.
Trade with levels only.
Nickel
Support seen at 780 and Resistance at 825--842.
Looks positive on chart and any technical correction will be a buying opportunity in it till 825.Break and sustain above 825 will take it towards 842—875 and then 890++ mark else it could touch its support level of 780 mark.
Fresh selling can be initiated only on close below 780 mark.
Trade with levels only.
Lead
Support seen at 163 and Resistance at 167.
Rally likely to continue till 167 .Break and close below 167 will take it towards 169.5---172 and then 175++ mark in near term else it could touch its resistance level of 163 mark again.
Fresh selling can be initiated below 161 mark (Major support).
Trade with levels only. Any reversal seems will update
Zinc
Support seen at 209--205 and Resistance is at 213.5
Looks positive if prices manage to hold above 213.5. More and more power will see on close above 213.50 which will take it towards 216—218.5 and then 224++ mark.
Fresh Selling can be initiated only close below 205 mark (Major support).
Trade with levels only.
Aluminium
Support at 134 and resistance is 138
If prices manage to accept support of 134 then we can expect “U” Turn from here till 138. Break and sustain above 138 will take it towards 141.50—143 and the 146++ mark in near term.
Fresh selling can be initiated only on close below 134 mark.
Trade with levels only. Any reversal seems will update
More will update soon!!!
