base metals outlook for next week 8 to 12 june 2015

mcx aluminium outlook for next week 8 to 12 june 2015

Mcx aluminium future on last trading session closed at 110.95 with gains. This week aluminium closed with gains. This was first positive weekly closing for this base metals after last 4 weeks losses in row. This week aluminium hit high around 112 while low was near 109. Weekly chart price and indicators pattern suggesting recovery rally for this metal. On upside 112.5 is 1 month average and 113.9 is 3 month average. Both will be strong resistances for next week. These levels also target zones for next week if recovery move continues. On upside 114.5 is major resistance and expect trend change if aluminium sustain above it till then this recovery is just a technical bounce back.

mcx copper outlook for next week 8 to 12 june 2015

Mcx copper last closed at 382.55 with gains. Daily chart price trend and momentum both are down. On upside 390 is 3 month average and 394 is 1 month average level. Both will be strong resistances. Daily chart indicators are off the low from oversold zone and suggesting recovery rally in next week. On downside 374 is strong support. A technical bounce back might happen but as weekly chart signal are still strong bearish and downside targets are wide open. Use technical bounce back to go short with strict stop loss in place. On weekly chart 389 to 395 is strong supply zone and it will be difficult to overcome this resistance in short terms.

mcx lead outlook for next week 8 to 12 june 2015

Mcx lead future on last trading session closed at 122 with loss. Lead future daily chart price trend and momentum both are bearish. Future is closed below major averages with bearish divergences on indicators. 123 and 124 are strong short term resistances for next week. On weekly chart lead is now looks very bearish and suggesting bearish breakdown for targets of 118 and then 111. 128 is best level to fresh short with stop loss. At current levels risk reward is not favorable.

mcx nickel outlook for next week 8 to 12 june 2015

Mcx nickel future last closed at 841 with gain. This week nickel future closed with gains. This week nickel low was at 801 while high was at 846. Total 45 rupee rally from bottom for nickel on strong value buying as well as sharp short covering. 852 and 885 are upcoming resistances of 3 month and 12 month averages. On daily chart nickel is now strong bullish and ready to rally upside. For next week, expect fresh breakout above 848 on daily closing basis for target 895. 820 is closing basis stop loss for all long trades.

mcx zinc outlook for next week 8 to 12 june 2015

Mcx zinc future last closed at 137.1 with gain. On daily chart zinc future price trend is down but momentum showing some recovery signals. 139.3 is 3 month average resistance and 140 is 1 month average resistance. For next week below 144.5 zinc future outlook will remain bearish for targets 134 and below. Current recovery momentum might take zone above 140 and will be best shorting opportunity near 144 with strict stop loss in place. On panic selloff expect downside target of 127. This week zinc given closing below major average suggesting medium to long term bear market with downside targets.

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Pramod Baviskar

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