Aluminium daily chart formed “falling channel” pattern. The last session ended up in bullish trend after few negative rallies inside the channel. The market is expected to continue on the bullish trend based on the current price action, testing all the way through 146-148 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 143.50 then it might turn bearish once again. The downside rally could test up to 142-140 levels. Key resistance holds at 148.
Copper
Copper 4hr chart has formed “Ascending broadening wedge” pattern. The last few sessions 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 a key support holding at 451. The downside rally could be testing all the way through 445-440 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 460-466 level. Key resistance holds at 466.
Lead
Lead daily chart has formed “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 a key support holding at 146.50. The downside rally could be testing all the way up to 145-144 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 148-150 level. Key resistance holds at 150.
Nickel
Nickel daily chart has formed “Right-angled Descending broadening wedge pattern. The last few sessions have in bearish 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 key support holding at 920. The downside rally could be testing all the way through 910-900 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 935-950 levels. Key resistance holds at 950.
Zinc
Zinc daily chart formed “Rectangle chart” pattern. The last session ended up in bearish trend after consolidations inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below the key support holding at 191.50. The downside rally could be testing all the way through 190-188 levels in the upcoming sessions. Alternatively, if the key support and turn bullish once again. The upside rally could test up to 195-198 levels. Key resistance holds at 198.
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