Commodity Report

Zinc 3/21/2019 4:07:00 PM
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Technical outlook

Zinc daily chart has formed “Rectangle chart” pattern. The last few sessions ended up in bullish trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 200.50. The upside rally could be testing all the way through 202-204 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 197-195 levels. Key support holds at 195.


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Technical Chart:
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Silver 3/21/2019 4:03:00 PM
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Technical outlook

MCX Silver May futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in bearish trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 37900. The negative rally could be extending all the way up to 37700-37500 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 38200-38400 level. Key resistance holds at 38400.


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Nickel 3/21/2019 3:56:00 PM
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Technical outlook

Nickel daily chart has formed “Right angled Descending broadening wedge” pattern. The last few sessions been in bullish trend along with some corrections inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding at 910. The upside rally could be testing all the way through 920-930 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 890-880 level. Key support holds at 880.


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Technical Chart:
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Natural Gas 3/21/2019 3:54:00 PM
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Technical outlook

Natural gas daily chart has formed “Falling wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the price action, testing all the way through 190-185 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 198 then it might turn bullish once again. The upside rally could test up to 204-210 level. Key support holds at 185.


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Technical Chart:
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Lead 3/21/2019 3:49:00 PM
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Technical outlook

Lead daily chart has formed “Falling channel” pattern. The last few sessions ended up consolidated along with few corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 140.50. The upside rally could be testing all the way up to 142-143 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 139-138 level. Key support holds at 138.


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Technical Chart:
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Copper 3/21/2019 3:46:00 PM
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Technical outlook

Copper 4hr chart has formed “Ascending broadening wedge” pattern. The last session been in bearish trend retesting near the channel’s support slope line. 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 443. The downside rally could be testing all the way through 438-432 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 450-455 level. Key resistance holds at 455.


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Technical Chart:
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Aluminium 3/21/2019 3:37:00 PM
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Technical outlook

Aluminium daily chart has formed "Falling channel" pattern. The last session ended up in bearish trend after few positive rallies inside the channel. The market is expected to continue on the bearish trend based on the current price action, testing all the way through 145-144 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 148.50 then it might turn bullish once again. The upside rally could test up to 150-152 levels. Key support holds at 144.


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Technical Chart:
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Crude Oil 3/21/2019 2:23:00 PM
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Technical outlook

MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. Previously few sessions ended up consolidated but also bullish in overall trend along with some corrections inside the channel. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 4160. The positive rally could be testing all the way up to 4240-4300 level in the upcoming sessions. An alternative scenario indicates that if key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 4080-4000 level. Key support holds at 4000.


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Technical Chart:
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Gold 3/21/2019 2:20:00 PM
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Technical outlook

MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last session ended up bearish in trend after a positive rally inside the channel, where the market is expected to continue on bearish momentum. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 31640. The negative rally could be extending all the way up to 31550-31440 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 31800-32000 levels. Key resistance holds at 32000.


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Technical Chart:
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Zinc 3/20/2019 9:20:00 AM
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Technical outlook

Zinc daily chart has formed “Rectangle chart” pattern. The last session ended up in bullish trend after few negative rallies inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 198. The upside rally could be testing all the way through 200-202 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 195-192 levels. Key support holds at 192.


Research Report call:

Technical Chart:
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