Friday, May 25, 2012

Base Metals Tips- Copper, Nickel, Lead and Zinc Updates


Copper Trend-
Inability to surpass above 429.50, expect bearishness to continue towards 424/421 or even more. However, it would be required to  break and sustain above 431 to resume further upsides. 

Nickel Updates

Mild positive bias is expected as long as prices stay above 928. However ,945-952 regions would be the initial trigger to rush prices towards 970 later. Unexpected sell off below 917 would be an early signal of strong selling again.

MCX Lead


Even  though short covering is  in progress, sustaining  below 109 could see downside correction towards 107 followed  by 106.40/106 levels for the day. Moreover, prices are trading well below 13, 22, 45 day EMA resistances, suggesting near term weakness to continue. Conversely. Looking upside, prices has to break above 109.20 levels, to witness a trend reversal in the immediate run.


Zinc Updates

A major support is seen at 104 levels, sustaining above the levels with volumes could push the prices further higher towards 105.30  followed by 106 levels. Otherwise, a sideways price action could be visible for the day. A major weakness only perceivable below 103.70  levels in the short term. 




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Posted By Commodity MCX Tips