Base Metals Trading Strategy and Commodity Market Update: Nirmal Bang
Copper: We have seen some profit booking in the counter prices have fallen from 311 to 301 levels. The counter is still in positive zone. We may see some more correction till 295 levels if continues to trade below psychological levels of 300. Negative crossed over in RSI indicate that there may be some more correction in the short run but MACD is still in a positive territory indicate the near term positive momentum. We can buy on dips above 285 levels.
Nickel We have seen sharp fall in the prices on Friday we are expecting the counter to take support around 920 levels on daily basis and bounce back. Negative crossed over in RSI indicate the short term weakness in the counter but prices are still above 40DMA indicate the near term positive trend in the counter.
Aluminum We have seen sharp correction in the prices on Friday. Prices are still supporting the trend-line in the uptrend. Negative crossed over in RSI indicate that correction can further continue in the counter. We are expecting the prices to test 92 levels in the short run but prices are still trading above 40DMA indicate the near term positive trend is intact.