Commodity Investment - Silver and Base metal outlook

Commodity Investment


Silver investing strategy


MCX Silver Mar futures technical chart has taken the formation of "Megaphone chart" pattern in daily time frame. Last few sessions ended up in sideways in trend along with some corrections inside the channel, where the market is expected to continue on the bullish trend. The positive rally could be extending all the way up to 47550 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks below a key support holding at 46350 then it might revise the trend to bearish once again. The downside rally could test up to 45800 level. Key resistance holds at 47550.

Nickel Investing Strategy

Nickel March daily Chart has formed "Descending broadening wedge" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding at 906. The downside rally could be testing all the way through 890-880 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 940 level. Key resistance holds at 940.

Copper investing strategy

Copper March daily chart has formed "Megaphone chart" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 424. The downside rally could be testing all the way through 421-418 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 433 level. Key resistance holds at 433.

Commodity investment Intraday trading tips

Aluminium

Prices remain congested inside Rs 137-134 levels with mild negative bias. Breaking any of the sides would suggest fresh direction to the commodity.

SELL ALUMINIUM MAR at 137.20 SL 138.80 TGT 135.80-135.20

Zinc

Liquidation pressure may continue as long as prices stay below the stiff support of Rs 158.

SELL ZINC MAR 2020 at 157.40 SL 159.00 TGT 154.80-153.50
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