TOP: Base Metals Market Update and Commodity Trading Strategy
Copper: The counter traded weak yesterday breaching the support at 313 levels. However the counter maintained itself above the 7 DMA. Thus prices can remain positive above 310.5 for the day, but breaching the same can trigger downside movement in the counter.
Nickel: The counter remained range bound yesterday and closed below the 7 DMA. For the day prices may remain downside, thus one can sell on rise below 906, targeting 860 and 850 levels.
Aluminium: The counter remained range bound yesterday between 91.9 and 89.8, however closed above the 7 DMA. There is no signal from ADX, as ADX, +DI and –DI are moving in the same direction. Thus the prices are expected to move in the direction of the break-out. The prices may move positive above 92.1, while breaching 89.9 prices may move downwards.
