mcx aluminium weekly forecast and trading strategy for 6 to 10 july
Mcx aluminium future this week closed with gain. After last week positive closing, aluminium prices stabilized and given some recovery in this week. This was second weekly gains for aluminium prices and formed bottom out pattern on weekly chart. This week prices almost touched 3 month averages level on weekly chart.
On weekly chart, mcx aluminium future price trend is down but momentum as well as indicators patterns are signaling medium term bottomed out stage. For next week, daily closing above 107.8 means trend breakout for aluminium prices for target 111 and then possibly 115. On downside 103.6 is strong support zone on chart.
mcx copper weekly forecast and trading strategy for 6 to 10 july
Mcx copper future this week closed with loss. After last week bounce back copper prices stuck in range and consolidated. Copper future this week hit high around 377 while week low was at 368. Total 9 rupee week range or 2% volatility and closed with loss on profit booking ahead of Greece referendum. On weekly chart 381 and 385 are strong resistance levels.
On upside, 374 is strong resistance and below it expect pressure on prices. Though weekly as well daily chart indicators pattern suggesting recovery ahead. Below 374 keep short view and on downside 356 is first support and possible target for next week.
mcx lead weekly forecast and trading strategy for 6 to 10 july
Mcx lead future this week closed with loss. This was fifth week of loss for this base metal. This week lead prices recorded high around 114.75 while low was at 111.2. Total 4 rupee weekly range and closed with loss.
Weekly chart price trend is down but indicators are off the lows and signaling bottomed out stage for lead.
For next week, 116 is strong resistance on upside and on recovery rally this will be target levels for lead future. On downside 107 and 102 are strong support zones.
mcx nickel weekly forecast and trading strategy for 6 to 10 july
Mcx nickel future this week closed with loss. This was third losing week for nickel prices, though nickel recovered from extreme low. This week nickel hit high around 788 while low was at 724. Total almost 60 rupee or 8% range for prices and negative closing.
Mcx nickel future weekly price trend is down but indicators are deeply oversold so expect bounce back in next week. 823 and 860 are moving averages resistances on weekly chart.
Nickel traders for next week keep bullish view and above bottom of 720 keep buy and accumulate view. 790 is first target zone and daily closing above 790 means trend breakout for target 850 plus.
mcx zinc weekly forecast and trading strategy for 6 to 10 july
Mcx zinc future this week closed with loss. This was fifth losing week for zinc prices. This week zinc future hit high around 131 while low was around 125. Total 6 rupee weekly range and closed with loss. On weekly chart, zinc price trend is down but indicators are oversold so this week might be bottom for zinc future.
For next week, expect short covering up to 131. If gives daily closing above 131 with price and volume and sustain then expect bullish trend for zinc future with price targets 137 to 145 in short to medium terms. On downside 123 and 117 are deep downside support zones.