Monday, 9 November 2015

Base Metals Daily News & predictions

Lead prices are now approaching multiple support zones between 108/107.80/107.50 zones. Failure to break below 107.50 decisively will lead to a sharp pullback in the counter towards 109.30/109.90 levels. Reversals from lower levels can be used by traders to go long in the counter.

Nickel will rally once the counter breaks out above 652 levels decisively. Failure to do so will see prices slip towards major support between 640—635 zones. Buying can be seen as prices approach 640—635 zones on the downside. A daily close above 652 will open upside targets of 660/662.50 levels in the counter.

Aluminium prices are currently trading between resistance between 99.45—100 levels. Failure to sustain between these zones will see prices slip lower as the session progresses. A break below 98.50 will see prices slip towards 97.50—97 zones. Any major fall though is likely only on a break below 97.

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