Base Metals commodity weekly technical outlook for 9 to 13 jan 2017

mcx aluminium weekly technical outlook for 9 to 13 jan 2017

Mcx aluminium weekly-bullish breakout watch tgts 118.2 and 121.3

Mcx aluminium future this week closed at 116.95 with gain. After last week correction, mcx aluminium recovered from lows and given bullish breakout above 116 with strong price action and on volumes. On upside 118.2 and 121.3 are now positional targets for aluminium future with stop loss below 116. From long term view, mcx aluminium will be bullish for 2017 and targets are 126 and 137 rupees. mcx copper weekly technical outlook for 9 to 13 jan 2017

Mcx copper weekly-watch for breakout above 384 tgt 402

Copper future this week closed at 383 with gain. This was second weekly gains for mcx copper and in these 2 weeks we saw rally from low of 365 to highs of 388. Total 23 rupee gains in 2 weeks and copper prices heading for trend change. For next week, watch 384 level as major hurdle breakout above 384 means positional target of 402. From long term view, copper remain bullish and buy on dips and expect targets of 431 to 488 in 2017. mcx lead weekly technical outlook for 9 to 13 jan 2017

Mcx lead weekly-expect recovery up to 145

Mcx lead future this week closed at 140.4 with gain. This was first positive week for lead prices after last 3 weeks continues selling. This was major reversal move and lead prices made bottom at 134 and now heading for major hurdle of 145 rupee. Lead price trend is down but momentum is bullish on strong value buying as well as short covering. If breakout happen above 145 then expect 155 as next positional target for lead. For 2017, mead lead above 140 rupee remain bullish and buy for targets 173 and 209. mcx nickel weekly technical outlook for 9 to 13 jan 2017

Mcx nickel weekly-heading for target 722

Mcx nickel future this week closed at 701 with gain. This was first positive week for nickel prices after continues five weeks sell off. Mcx nickel is in downtrend but momentum is bullish on recovery rally as well as on short covering. Mcx nickel made bottom at 68 and remain as major support level on downside. On upside 722 is my target level and breakout above it means bullish trend and target of 767. From long term view, nickel above 678 remain buy for 2017. mcx zinc weekly technical outlook for 9 to 13 jan 2017

Mcx zinc weekly-bullish breakout targets 188 and 203

Mcx zinc future this week closed at 117.9 with gain. This was second weekly gains for zinc prices. After last week’s reversal from 167 rupee zinc prices seeing buying on every dip. Mcx zinc given bullish breakout above 177 rupee resistance and entered into bull zone for positional targets of 188 and 203 rupees. From long term view, mcx zinc above 158 remain bullish and buy on dips. On upside 219 and 265 are 2017 target zones.

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Pramod Baviskar

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