Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang

Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang Copper: Copper: Copper prices traded downwards yesterday breaching the support at the immediate support of 39 levels and also breached the Support line of the triangular formation. Thus the prices can turn further downward with confirmation from dropping RSI and falling MACD. One can sell copper at every rise between 239-241, targeting 232- 230.

Nickel: Nickel have breached the Support of the Up-trend, thus the short-term trend is expected to reverse. The dropping RSI and negative cross-over of MACD confirms the trend reversal. Therefore, one can sell Nickel at every rise below 788, targeting 700 and 690 in near term.

Aluminium: Alunimium prices traded weak yesterday breaching the support at 76.6. The prices now trade below the 7 and 21 DMA. Thus the near term trend is expected to reverse. The negative cross-over in RSI and MADC also affirms the beginning of downtrend in Aluminium, thus one can sell Aluminium at every rise around 78-79, targeting
73 in near term.