Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang

Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang        Copper: The counter sharply declined yesterday breaching the trend line support. The RSI Continue to move downwards indicating declining buying interest in the counter. The ADX however remains side-ways, thus giving no clues on the intermediate trend. But the Negative break out from the channel indicate downtrend in the counter, thus can sell one rise as long as prices remain below 295 levels.

Nickel: The counter remain weak yesterday breaching the trend line and all short term moving averages and closed below the same. Thus the counter indicates turning downwards. The RSI also breached the MA and-DI lifted up with fall in prices. Therefore the counter may trade sideways to down targeting 800 levels.

Aluminium: The counter continued trading downside giving a new low of 86.6 in this counter. The RSI continues to drop down and -DI rises up, indicating downtrend in the counter, thus one can remain short in the counter below
89 targeting 84-82 in near term.