Base Metals Trading Tips and Commodity Market Update: Nirmal Bang
Copper: The counter turned positive in the later session after making a low of 280.8. The RSI and ADX continue to indicate downtrend in the counter. Thus prices are expected to remain below the channel ie. 290 levels. Breaching above the 290 levels prices can test 21 DMA at 296.9.
Nickel: The counter closed positive yesterday resisting at the higher levels. There is a side-ways trend carried in the counter. The prices are consolidating between the 800-870 levels. Thus breaching the resistance at 845 prices can test 860-865 levels on the upside. But if prices remain below 835 levels we can expect 815 and 808 levels in the counter today.
Aluminium: The counter looks weak below all the moving averages. The RSI and ADX are giving a negative crossover on the downside. Thus on breaching 86 levels, the counter is expected to test 84.5 and 83.8 levels on the downside.