Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang

copperCopper: The counter has finally breached the resistance at 311-312 and moved ahead making new yearly high of
317.15. The RSI and ADX are already into the positive territory. Thus the prices are expected to maintain above 310 and move up towards 318-320.

Nickel: The counter is seen strongly taking support around the 930 levels. The RSI is seen taking support at the 56 levels, therefore maintaining above this levels RSI can move up again. Thus prices breaching the upper resistance line at 970, the prices can resume the uptrend targeting 990-1000 levels.

The Aluminium prices have moved up above the support line of 90.5 in the previous session, after taking support at
88.4 levels. Thus close above the 7 DMA indicate prices are again entered the trading range. Immediate resistance is seen at 93.5. Therefore prices may trade range bound between 90.5 and 93.5. Prices can move positive on close above
93.5, targeting 97-98 in near term.