Tuesday, 2 February 2016

Commodity Trading Tips on Base Metals

MCX Copper. It suggests that prices are making lower highs and lows on primary trend. Technically, It is expected to remain capped under crucial resistance of 313.70 and 321.70 levels. It has potential to fall down till 302 and further to touch previous low of 291.50 levels. Negative reversal on RSI confirms bearish view on Copper prices.

Nickel. It suggests that throughout the last week of January prices remain under resistance of 600 levels. Negative reversal on RSI confirms reversal in the trend. Hence, prices are expected to trade on negative note with potential fall below 575 levels. Further it has support at 560 levels. On the upside, break above 600 will negate bearish view and take it towards 620 levels.

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