Tuesday, 25 November 2014

Base Metals Update in Commodity Market

MCX Nov Nickel has violated the rising resistance line of the rising channel. Height of the channel is of 80 points. This has provided us the price target of 1080. One can go long around the resistance turned support line.

Zinc underperformed Lead on the first day of the week and declined by 0.26% closing at $2282.25 MT. Fundamentally, no fresh cues are available for the metal and therefore based on the revised US GDP q/q which is expected to be lower than prior number, the metal might decline during the day.

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