Update on Base Metals (07th December 2017)
Copper
Our sell call from 452---425 has proven great.
Now what to expect?
Support at 424 and Resistance at 432.
Panic likely to continue .Break and close below 424 will take it towards 418—413 and then 405 mark else could touch its resistance level of 432 mark.
Fresh buying can be initiated only on close above 432 mark.
Trade with levels only.
Nickel
Support seen at 691 and Resistance at 712--740.
Ongoing correction likely to continue on the chart till 675 and then 650 mark where we expect “U” turn in it. We expect uptrend over the medium term towards 740. Break and sustain above the same will see good upside in it.
Buy and accumulate more on decline.
Fresh selling can be initiated only on weekly close below 650 mark.
Trade with levels only.
Lead
Support seen at 159 and Resistance at 163—165.50.
Looks weak on chart and any rise would be an opportunity to initiate fresh sell position in it. It is likely to touch 159 mark soon. Break and close below 159 will take it towards 157.50—153 and then 147 mark.
Fresh buying can be initiated on close above 165.50.
Trade with levels only. Any reversal seems will update
Zinc
Support seen at 199 and Resistance is at 205
Looks weak on chart and any pullback rally will be a selling opportunity in it. More and more weakness can be seen on close 199 mark which will take it towards 195.5—192 and then 187 mark.
Fresh buying can be initiated only close above 205 mark.
Trade with levels only.
Aluminium
Support at 128.50 and resistance is 132
Looks weak on chart and likely to touch 128.50 initially. Break and close below 128.50 will take it towards 125—121.50 and then 118 mark.
Fresh buying can be initiated only on close above 132 mark.
Trade with levels only.
Any reversal seems will update!!!
