Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper: The counter is taking resistance at the upper levels. The negative closing in the previous session indicate slight weakness in the counter at current levels. Breaching the support at 305 can push prices lower to 300 levels.
Nickel: The counter is under downwards pressure as prices are resisting the 955 levels. Even resistance is seen at the higher levels also at 970 levels. But strong support is seen at 920 levels. Thus prices are expected to trade range bound between 950-920. Breaching 920 can push prices lower to 900-890 levels for the day.
The Counter looks weak even after moving out of the triangle, as prices continue to remain downwards. The prices are expected to remain range bound between 93.5-90.5, as prices have a resistance at 21 DMA. The RSI have moved below 50 levels in the previous session while the ADX has given negative cross-over. Thus the bias remains on the downside. Breaching 90 levels can push prices to 86-87 levels. Thus investors should remain watchful at the levels.