Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper: The counter is trying to hold the prices above the trend line, however prices have breached the support at
307.5 yesterday and closed below at 307.15. Therefore prices are expected to hold above the 307 levels today. Prices falling below 307 can breach the Trend line and support line as well. Immediate support for the counter is at 21 DMA -304.5. Thus price can test 290-294 levels in near term on close below 304.7.
Nickel: The counter is seen forming a triangle, while the prices are taking support at the support line around 922-928. The counter looks weak as prices traded below the 7 and 21 DMA. Thus breaching these levels prices are expected to test 890 for the day.
The counter is weak previous close below the support line and below the 7 and 21 DMA. The rising +DI on the upside indicate downwards trend in prices. Thus one can remain short in the counter with Stoploss of 93.9, targeting 86-87.