Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper prices moved up during the day, but closed lower breaching the crucial support at 241 levels. Therefore the trend in Copper seems to have been reversed. The RSI is seen dropping down along with drop in ADX and +DI. Thus prices are expected to trade side-ways to down for the day.
Nickel have breached the trend line, but is taking support at the 692 levels. However, there is no clue on direction as the ADX is seen dropping down along with +DI. Prices are trading on crucial levels where breaching 692 levels can push prices further lower to 684-75 level. However, if prices hold at 692 levels, then we can see a upside back in Nickel upto 735 levels.
Aluminium prices moved lower for the close yesterday, however prices maintained above the previous low. The uptrend in the counter looks weakening with dropping ADX and +DI. Thus breaching the support of 75.25 can push prices lower to 73.5.
Lead prices remained positive for the day, but close lower for the previous day. However prices are seen holding the crucial support of 77.8. The dropping RSI and MACD suggest weakness in prices. Thus, breaching this support on downside can trigger downside movement in Lead for the target of 74.