Base Metals Technical Report 20 August,2015 - Emkay Commotrade

Published: Aug 21, 2015 09:57

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Copper prices hit a fresh swing low of 326.10 but the counter has managed to rebound towards 332.90 levels.

By Paul Ploumis 20 Aug 2015 Last updated at 08:40:29 GMT

Copper –Daily Chart

Copper: Copper prices hit a fresh swing low of 326.10 but the counter has managed to rebound towards 332.90 levels Any major upside though is likely only on a break above 335 levels. Selling can be seen as prices approach 333.50-334.50 zones. Sustenance below 329 will see prices weaken towards 326 levels again. A daily close below 326 will be negative for copper.

Zinc –Daily Chart

Zinc: Zinc prices are trading around its resistance between 118-118.50 levels. Failure to sustain between these areas will see prices weaken towards 117/116.50 levels again. A daily close above 119 is required for prices to retest 120.65/121 levels again. Immediate support is placed between 115.75-115.50 levels.

Lead: The outlook on Lead will be negative until prices stay below 113 levels. Until then rallies towards 112.50-112.90 will face selling. The intraday view will turn negative once prices break below 110.50 levels. Sustenance below this support will see prices correct sharply towards 109.50 levels.

Nickel: Nickel prices are trading at lower levels. Any major rebound from today's session is likely only if prices sustain above 685.50 levels. Until then prices will trade with a negative bias and drift lower towards 675/670 levels. A sustained break above 685.50 will see prices rebound towards 690.50/692.50 levels.

Aluminium: Aluminium prices have managed to rebound from its lows at 100.25 levels. Sustenance above 101.80 will see prices test its major resistance around 102.50 levels. Support for the counter is seen between 100.40-99.80 levels. The counter is likely to be side ways today.

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