Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper prices are trading range bound after breaching the trend line. The prices are trading below the support level of 242 and below the 9 DMA. The MADC has given a cross-over with DAV on downside. Thus the bias remains negative for the Copper prices.
Nickel prices are slowly moving upwards within the range. Therefore the +DI is seen lifting its head upwards again, the RSI also is rising. Thus the bias remains positive for the Nickel prices. The prices are expected to move up, however prices may resist the 750 levels on upside.
Lead prices are taking support at the 77 levels. The RSI is moving up and ADX is still maintaining the upwards trend. Thus the bias remains positive for Lead. The prices are expected to move upwards from here. On the contrary breaching 76 levels can trigger downside in lead.