ALUMINIUM : Aluminium daily technical chart has formed a “Descending triangle” chart pattern. The last few sessions have consolidated inside and near the tip of the triangle, ending up bearish. This indicates a chance of bearish momentum in the upcoming session. Sell signal will be confirmed once the market breaks below the triangle’s Strong support line which holds at 135.10 and the rally could test 134-133.50 levels. Resistance holds at 139.
COPPER : Copper market daily chart has formed a Descending triangle pattern and the last session has ended with a strong bearish sign which can be read as a trend reversal pattern. The market is expected to turn negative once it breaks and closes below support level which is held at 442 and further downside rally might extend to 440-438 levels. On the other hand, buyers may push higher side upto 445-447.
LEAD : Lead is in short-term bear phase. The daily Technical chart of Lead has formed strong bearish candle indicating downtrend Fibonacci retracement level support at 161 with upside Key resistance at 163. Sell on rise would be a better trading strategy in this current market scenario.
NATURAL GAS : Natural gas daily technical chart has formed “Ascending broadening wedge” chart pattern. The last few sessions are successfully bearish and ended up near a short support level which holds at 200. Sell signal will be confirmed once the market breaks below the support line and the rally could test 198-196 levels. Long term Resistance holds at 212.
NICKEL : Nickel is in short-term sideways market. The daily chart has formed strong bearish candle where the prices would move to fill the gap near support at 765. Key resistance holds at 780. Nickel prices are expected to consolidate between support and resistance in the next few trading sessions.
SILVER : Silver four-hour market has formed a “Symmetrical triangle” chart pattern. The last few sessions has consolidated inside and near the tip of the triangle and also ended up bullish indicating a chance of bullish momentum in the upcoming session. Buy signal will be confirmed once market breaks above the triangle’s resistance slope line and the rally could test 40200-40400 levels.
ZINC : Zinc is in short term bears phase. The daily Technical chart of zinc displays an ascending triangle which is generally considered to be a continuation pattern. The pattern has been broken and the price will rally downside towards 205.50-200 with resistance at 211.