Base Metal Quant Analysis: 15/03/19

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 145-143 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 148 then it might turn bullish once again. The upside rally rally could test up to 150-152 levels. Key support holds at 143.

Copper

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 442. The downside rally could be testing all the way through 438-434 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.

Lead

Lead daily chart has formed a “Falling channel” pattern. The last session ended up bearish in trend after a continued positive rally 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 145. The downside rally could be testing all the way up to 144- 143 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 146-148 level. Key resistance holds at 148.

Nickel

Nickel daily chart has formed “Right angled Descending 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 the bearish term based on the current price action, once the same breaks below a key support holding at 885. The downside rally could be testing all the way through 870-860 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 900-920 level. Key resistance holds at 920.

Zinc

Zinc daily chart has formed “Rectangle chart” pattern. The last few sessions ended up 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, testing all the way through 196-194 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 200 then it might turn bullish once again. The upside rally could test up to 202-204 levels. Key support holds at 194.