Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang
Copper: Copper Prices moved upwards in the previous session giving a filled green candle. Copper finally met our target of 254 yesterday. The ADX and RSI still affirm the uptrend in Copper. Thus one can remain long at lower levels around 250-252.
Nickel: Nickel prices have sharply moved up yesterday, meeting our target of 744. The rising ADX and RSI still indicates bullish trend in Nickel. Thus one can enter at lower levels after profit taking. Prices are now expected to maintain above 700 levels therefore one can buy at dips above 700.
Zinc, the laggard in the week- has shown a sharp rise in the previous session. Zinc prices have closed above the previous peak. The ADX indicates positive trend in Zinc, with a positive cross-over. The MACD also have moved above the Zero line. Thus over-all the trend in Zinc is bullish. Therefore, one can buy at dips above 75.