Aluminium Hourly chart has formed “Rising Wedge” pattern. The last session ended up with consolidation near the support level at 141. Market is expected to take support on the level and turn to positive momentum. Alternatively, if market breaks below the support, then it would continue in bearish momentum. A strong resistance level holds at 142.50.
Copper Daily chart has taken sideways trend in short term . The previous few sessions seems to have consolidated inside the channel, which indicates a chance of both the positive and negative momentum in upcoming sessions. A Strong Resistance holds at 465 and Support holds at 450.
The 4 Hour chart of Crude market has formed “Rising wedge pattern”. This pattern has responded as per our yesterday’s technical view. Profit booking correction has been completed and pulled back from $51.85 (3375) . However, the current trend in 4 hour chart seems to be very bullish indeed. It is likely for the buyers to control the market for a few more sessions as this brings a very good opportunity to buy near the support line of the wedge. The upside rally might move towards 3475- 3550 levels. Maintain stop loss below the support line at 3360, A break will turn the trend from positive to negative towards 3322-3300 level.
The Gold Daily chart has formed” Descending Triangle”. In this pattern, the bearish trend continues. A break below horizontal support line at 29250 will enable towards downside target 29000-28800. Meanwhile, it might refill the gap between slope lines 29450 and horizontal support line 29250. The lower side breaking is likely anytime. Traders should maintain strict stop loss at 29500 level.
The Silver Daily chart has formed “Topping Pattern”. In this pattern trying to pick first tops for generations, knowing the profit potential area, when short selling at end of an uptrend, And second replacement offer has given one more additional top. A bearish indication can be noted and currently, prices moves towards support neckline line 16.550(39000). This would refill the gap between upper slope lines 16.900(39545). It is advisable to take we selling opportunity on resistance area at 17.800 (39300) which is low risk trading strategy target towards 39000-38750 level.
Natural Gas daily chart continue in “Rectangle chart pattern”. The previous few sessions have been successfully bearish and have reached near the support level. Market is expected to retest the strong support level at 185 and turn bullish. Alternatively, if market breaks below the support level, then bearish momentum will continue to control the market. A Strong Resistance level holds at 196.
Lead market Daily chart has formed “Descending Triangle Chart” pattern. The previous session ended up consolidating near the Strong support level of the Triangle at 160. Once market breaks below the strong support then the bearish momentum will continue to control the market. Alternatively, if support holds strong in that level, then market might turn to bullish again. A Strong Resistance holds at 163.50.
Zinc Daily chart has formed “Ascending Broadening Wedge” pattern. The previous few sessions have been successfully bullish and are on the rally to extend towards the strong Resistance level which is holding at 217.30. Weekly resistance holds at 215. If the market breaks above the same, then we can expect an all new high in all metals. A Strong support holds at 204.
Nickel is in short- term bullish phase .Currently, Nickel daily chart has formed “Descending Triangle Chart” pattern. A Strong bearish candle is in down trend market. Support holds at 754, resistance holds at 775.