Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang
Copper prices moved higher during the day but closed just below the open forming a Doji candle. Thus the sentiments remains mixed in copper. However looking at the positive ADX and MACD, one can buy copper between 242-244, with Stop-loss of 240, targeting 252 and 254. Breaching 240 levels can again push copper prices in the lower zone.
Nickel: Nickel prices sharply moved up to 735 levels yesterday but closed lower in closing, thus forming DOJI. Looking at the positive ADX the uptrend can continue. Therefore one can remain long in Nickel at lower levels around 710-715, targeting 740 levels on the upside.
Lead: Lead prices also moved lower during close, after giving a new high of 83.6 in the June Contract. Looking at the indicators ADX and RSI, the uptrend looks intact. Thus one can remain long in Lead at lower levels around 80-81, targeting 83 and 85 during the day.