Monday, 5 January 2015

Today's Base Metals Market News

MCX Jan Nickel has been declining in a channel from last one month and it is likely to continue until the breach of the channel levels. Further fall is expected towards 925 levels and on break of the same 903 will act as another target on downside. However, upside resistance resides at 960 levels and one can utilize any bounce to create fresh shorts. 

MCX Jan Lead has reversed the downtrend by forming a trend reversal candlestick pattern “bullish hammer” on weekly charts. Now the bias has shifted on upside and is likely to extend the gains towards 120.80 & 124.60 levels, which are 23.6 % and 36.2% Fibonacci levels of the whole fall that started from 140.70 to 114.60 levels. Hence, any dip can accumulate fresh longs at 117.60 levels. 

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