Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang

copperCopper: Copper prices have breached the resistance at 242 (61.8% retracement) and closed above 247. prices are now trading above the 9 DMA, with a positive crossover by RSI. Thus, prices can remain positive above 242 levels, and move ahead to 254-56 levels.

Nickel: Nickel prices remained positive and closed higher at 751.1, making a new high in the June contract. The +DI is rising, however ADX is flat, thus rally seems short- term. The rising RSI brings in positive sentiments in the counter. Nickel prices can remain positive for the day above 733, testing 764 on the upside.

Aluminium: Aluminium prices moved higher making a new high of 80.4 and closed higher yesterday at 79.75. The prices have consolidated in the upper range, which indicates a breakout on up-side. The ADX is seen above 30, with +DI on the ruling side, thus the trend is positive. Therefore, one can buy on every side, targeting a break- out till 82 on the upside.