Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang
Copper: Copper prices gave a sharp upside in the previous session, closing the prices above 242 levels. The prices look positive for the day above the 9 DMA and are expected to remains above 242. Breaching 245 levels can take prices to 250 levels.
Nickel: Nickel prices have seen a sharp upside in the previous session. The prices have closed at 737, above the 9 DMA and the resistance at 733. Thus the prices have turned positive. Next resistance is across 750 levels. The RSI have given crossover on upside along with rising +DI. However the ADX is still flat around 20. Breaching 750 levels can take prices to 764 levels on upside.
Aluminium: Aluminium prices are seen in a uptrend, with ADX above 20 levels and +DI ruling on the upside. The MACD is in the positive territory. However, the prices are seen resistance at 79.5 levels. Thus, breaching this level can test new high of 81 during the day.