Base Metals Trading Tips and Commodity Market Update: Nirmal Bang

Base Metals Trading Tips and Commodity Market Update: Nirmal BangCopper: The counter looks slightly weak with RSI entering the below 70 levels from the overbought Zone. The ADX also is seen dropping from 50.57 levels to 49.97 yesterday. The prices corrected yesterday but took strong support at the 14 DMA of 292.6. The prices are expected to correct further till 288 and 284 levels, provided prices remain below 300.

Nickel: The prices sharply recovered after hefty correction in the earlier session. The prices took support at the 21 DMA and the Middle line of the Bollinger band. The Indicators indicate weakness as RSI moved below the 70 levels from the oversold Zone and ADX is seen dropping. Thus prices are expected to continue correcting below 9 DMA of 947.

Aluminum: The Aluminium prices are trading side-ways, but the counter looks weak dropping RSI and ADX. The counter shows support at the 21 DMA of 91.8. Breaching this level prices can move further lower.