Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 22/08/2019 By Enrich Commodities

Aluminium, Copper, Lead, Natural Gas, Nickel, Silver, Zinc Commodity Report Of 22/08/2019 By Enrich Commodities

Aluminium

Technical Outlook

Aluminium Aug daily chart has formed “Falling wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on the bearish momentum based on the current price action, once the same breaks below a key support holding at 138.50. the downside rally could be testing all the way through 137-135 level in the upcoming sessions. Alternatively, if key support holds strong then the market might retest the same and turn bullish.
The upside rally could test up to 142 level. Key support holds at 142.

Technical Chart

Copper

Technical Outlook

Copper Aug daily chart has formed ‘Right angled descending broadening wedge’ pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 444. The downside rally could be testing all the way through 438- 432 level in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 455 level. Key resistance holds at 455.

Technical Chart

Lead

Technical Outlook

Lead Aug Daily chart has formed ‘Rectangle chart’ pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 156. The upside rally could be testing all the way up to 157-158 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 153-152 levels. Key support holds at 152.

Technical Chart

Natural Gas

Technical Outlook

Natural gas daily chart has formed ‘Falling channel’ pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the price action, once the same breaks below a key support holding at 152. The downside rally could be testing all the way through 148-144 level in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 168 level. Key resistance holds at 168.

Technical Chart

Nickel

Technical Outlook

Nickel Aug daily Chart has formed “Rising channel” pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding at 1112. The downside rally could be testing all the way through 1100-1090 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 1140 level. Key resistance holds at 1140.

Technical Chart

Silver

Technical Outlook

MCX Silver Sept futures technical chart has taken the formation of “Ascending broadening channel” pattern in daily time frame. Last few sessions ended up in sideways trend along with some corrections inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the price breaks above a key resistance holding at 44000. The positive rally could be extending all the way up to 44200-44400 level in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 43300 level. Key support holds at 43300.

Technical Chart

Zinc

Technical Outlook

Zinc Aug daily chart has formed ‘Ascending broadening wedge’ pattern. The last few sessions ended up sideways in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 187. The upside rally could be testing all the way through 189-191 level in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 182 level. Key support holds at 182.

Technical Chart

Dailyhunt

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Investment Guru India

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