Base Metal Quant Analysis: 06/03/19

Aluminium daily chart has formed “Falling channel” pattern. The last few sessions ended up in bearish trend after a long gap up formation inside the channel. The market is expected to continue on the bearish trend based on the current price action, once the same breaks below a key support holding at 145. The downside rally could be testing all the way through 144-143 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 150 level. Key resistance holds at 150.

Copper

Copper 4hr chart has formed “Ascending broadening wedge pattern. The last few sessions have been in bearish 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 key support holding at 458. The downside rally could be testing all the way through 454-450 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 464-468 level. Key resistance holds at 468.

Lead

Lead daily chart has formed a “Falling channel” pattern. The last few sessions ended up bearish in 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 key support holding at 147.50. The downside rally could be testing all the way through 146-145 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 150-152 level. Key resistance holds at 152.

Nickel

Nickel daily chart has formed “Right-angled Descending broadening wedge” pattern. The last few sessions have 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 968. The upside rally could be testing all the way through 975-985 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 950-935 levels. Key support holds at 935.

Zinc

Zinc daily chart has formed “Rectangle chart” pattern. The last few sessions ended up bullish in 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. The upside rally could be testing all the way through 201-203 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 196-194 levels. Key support holds at 194.