Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang

Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang   Copper: The counter looks weak with drop below the channel; In addition the RSI is dropping while ADX indicate downtrend. However the prices are seen taking support at the 288-87 levels, breaching 286 can push prices lower to 280-79 levels in short run. Thus one can remain short at every rise with Stoploss above the 7 DMA of 295.2.

Nickel: The counter is trading below the short-term moving averages with the support of 797. The RSI laying below the MA and ADX indicates short term downtrend. Thus breaching 797 levels can push prices lower to
760-750 levels in near term, provided prices resist the 7 DMA on the upside.

Aluminium: The counter traded positive yesterday with close above the previous high of 86. The RSI lifted up with upside in prices. However the ADX indicates a beginning a downtrend, thus are expected to resist the 87.5 levels and move down. Thus for the one should wait and watch the movement.