Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper: Copper prices rallied upwards taking support at the 7 DMA. The prices are strongly supported at the 258-59 levels. The RSI is sharply rising after the crossover and ADX looks indicates strength in the uptrend. Thus one can remain long above the 258-59 levels.
Nickel prices moved lower in the first session and later during the rallied up taking the support exactly at the trend line and the 21 DMA. Today the prices may remain positive above the 7 DMA of 776 but resist the 792-94 levels. However breaching 794 prices can rally to 810 levels.
Aluminium prices rallied up yesterday taking support at the 7 DMA. The prices are seen trading range bound between 81 and 83.65. Fresh positions can be taken on breaching the range in the direction of the break-out. However, the bias remains on the upside, thus one can buy Aluminium on breaching the 83.7 levels.