Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper prices has been trading in the range of 234 and 242. If the counter trades below 234, can test 231-230 levels in the near term. 242 is a very good resistance close above that can lead the counter to 245-247 levels. However the uptrend is still intact as +DI is still showing some positive sentiment.
Nickel prices if close above 696 with good volume we can some good upside till 740-770 levels in the near term. The counter looks good as long as holds above 670 levels. Close below 670 can test 650-630 levels. Close above 9DMA is a short term positive sentiment.
However the uptrend is still intact in Nickel with Positive ADX and rising +DI.
Lead prices have been facing major resistance at 78 levels if close above the same can give good upside till 80-83 levels in the near term. Close above 9DMA is short term positive signal. The counter is more likely to trade between 75-78. But if trades below 75 can test down side of 73 levels. However this 73 levels can be looked ad buying opportunity in Lead.