Base metals weekly forecast for 26 to 30 dec 2016

Mcx aluminium will outperform tgt 122.3

Mcx aluminium will outperform tgt 122.3

Mcx aluminium future this week closed with gain at 117.65. Mcx aluminium price trend is down but it has taken support at 116 and ready to breakout above 118 level. For next week, mcx aluminium future outlook remain bullish. As daily chart price pattern as well as indicators are strong bullish. After correction, mcx aluminium has taken strong support at 116 and heading for resistance of 118. Above 118, expect short term target at 122.3 which can be expected in next week. From long term view, mcx aluminium future achieved its target of 120 rupee and now correcting and consolidating below it. watch for weekly breakout above 120 if happen then expect 139 as next long term chart which can be expect in next 3 to 4 months. Mcx copper bottoming out tgt 380-395

Mcx copper bottoming out tgt 380-395

Mcx copper future this week closed with loss. This was forth losing week for copper prices and in these 4 weeks copper lost almost 50 rupee from top. This week we saw 14 rupee downside and closing near lows. For next week, mcx copper future outlook remain bullish as on daily chart prices are resilient to selling and taking support around 370 rupee level. On upside 380 rupee is major resistance and remain breakout level for next week. If copper gives weekly closing above 380 then expect uptrend continuation and targets of 395 to 420 on upside in short to medium terms. From long term view, mcx copper achieved 392 rupee target and now correcting and consolidating. Watch for reversal above 392 and then expect target of 470 rupee in longer terms. Mcx lead hit my target 139 next target 120 rupee

Mcx lead hit my target 139 next target 120 rupee

Mcx lead future this week closed at 138.7 with loss. On breakdown below 157 rupee, mcx lead achieved my downside target of 139 rupee and below 139, next support is around 120 which will be next target if selling continues. For next week, mcx lead outlook remain bearish below 139 rupee and this base metal will head for target of 120 which is next major support on chart. reversal above 139 and if sustain then that will be short term bottom and buying levels for lead and on upside expect 157 as target level again. Mcx lead daily chart price trend and indicators are bearish and most likely it might continue to slide down. From long term view, mcx lead achieved upside targets of 155 and 172 and now correcting towards supports of 136 and then 120 rupee. Watch 136 on weekly closing basis, if breaks then 120 is for sure. Mcx nickel is near my target 695

Mcx nickel is near my target 695

Mcx nickel future this week closed at 707.9 with heavy loss. This was forth losing week for nickel prices and in these 4 weeks nickel fallen from highs of 820 to low of 700 rupee. On downside 695 is my given target and mcx nickel almost hit it in this week. Mcx nickel future outlook for next week remain weak and strategy remain sell on rise. On downside 695 is major support and below it expect next support at 630 rupee which will be target zone on breakdown below 695. Daily chart price trend is absolute down and indicators are approaching oversold zone. From long term view, 701 is major long term support for nickel prices, if it closes below 701 on weekly basis then it will be start for long term bearish trend for target 415. Mcx zinc is heading for downside target of 163 rupee

Mcx zinc is heading for downside target of 163 rupee

Mcx zinc future this week closed with loss. After last week’s recovery prices resumed correction and heading for my target of 163 rupee. We are seeing high volatile moves in lead and zinc and which might continue for next month also. This week we saw 12 rupee drop in zinc prices and closing near week low. For next week, mcx zinc outlook remain weak and strategy remain sell on rise. Below 814 mcx zinc remain weak and target is at 163. Below 163, mcx zinc next support zone is at 140 rupee. From long term view, mcx zinc major support was at 176 and zinc given weekly closing below it. Next major support is at 140 a will be long term corrective target for this metal.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.

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