Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang
Copper: Copper prices continue to trade range bound between 234 and 240. The Counter looks positive with rising +DI and Positive MACD. However prices can trigger upwards movement only above 242 levels. Breaching 234 levels on downside can push prices to 230-228 on downside. Thus, one should make long positive only on break-out above 242.
Nickel: Nickel prices are seen resting at the higher levels, taking resistance at 694 levels. However the RSI is seen trending downwards. The prices have a support between 672-75 levels. Breaching this level can push prices further lower to 650-60 levels. One can buy Nickel at these lower levels around 650-60.
Aluminium prices have seen a sharp upside till 77.35 yesterday. Profit taking can bring prices to 74 levels. One can reenter in Aluminium at this levels. The Up-trend is intact with rising ADX and +DI and RSI also is seen trending upwards. Thus, next upside target can be 78-79 in Aluminium.