Base Metals Market Update and Commodity Trading Strategy: Nirmal Bang
Copper: The counter is trading below all the short term moving averages i. e. (9,21and 40 DMA) with Negative crossed over in RSI and MA and negative stochastic indicates short term weakness in the counter. We expect the counter to test 280-277 in the short run if trades below 285.
Nickel: The counter has been trading sideways to down since last two trading sessions, price has very good support around 820 levels if it breaches we can expect the counter to test 790 levels in the near term. We should sell below 820 levels for the target of 800 and 790.
Aluminium: The counter has been trading in the downward channel and below all short term moving averages i. e. 9, 21 and 40 DMA. It is facing major resistance around 88.5 levels. Negative crossed over in RSI and MA with negative stochastic indicates the short term weakness in the counter. We are expecting the prices to test 84.7 and 83 in the near term.