By Paul Ploumis 08 Sep 2015 Last updated at 08:05:47 GMT
Copper –Daily Chart
Copper: Nov. Copper prices are approaching its recent swing highs at 358 levels Some selling can be seen between 357-358.50 zones which can drag prices lower towards 355-354 levels The intraday view for the counter will remain positive until prices stay above 354 levels. Until then dips should be used to take long positions. Sustenance above 358 will take prices towards 360.80/362 levels
Zinc –Daily Chart
Zinc: Zinc prices will witness further upside momentum only if prices sustain above 121.10 levels. Prices can advance towards 1221122.35 levels in that case. Failure to sustain above 121.10 will see prices retrace towards 119/119.50 levels. Until prices hold on above 119 corrective moves can be used to buy into the counter.
Lead: Sustenance above 112 levels on dips will take lead prices higher towards 113.50/113.80 levels. The intraday view for the counter will remain positive until prices stay above 111.40 levels. Next major resistance for the counter is seen between 114-113.80 levels. A daily close below 111.40 will see prices dip towards 110.50/110 levels.
Nickel: Nickel prices have bounced after testing its major support areas around 650 levels. Further upside in the counter is likely only if prices sustain above 670 levels. Prices will rally towards major resistance placed between 680-685 levels in case of a breakout above 670. Intraday view will remain positive until prices stay above 654 levels on dips.
Aluminium: Aluminium prices have managed to rebound from its lows at 106.15 levels. The momentum can take prices higher towards 108.60 levels which is an immediate resistance for the counter. Prices need to sustain above this level to advance higher towards 109.45 levels. Failure to sustain at higher levels will see prices retrace towards 107/106.50 levels again.
Courtesy : Emkay Commotrade
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