mcx base metals for next week : recovery continuation

mcx aluminium future weekly chartAluminium future this week closed with gain. This was first week gain for this base metal after last 3 weeks continues fall. This week aluminium low was at 99.75 while high was at 102.6. Total 3 rupee weekly range and closed with gain. For next week, aluminium future has support around 99 and 96. Long term investors must follow buy and accumulate view. On upside 104.4 and 017 are strong resistances as well as medium to long term targets.mcx copper future weekly chartMcx copper future this week closed with gain. This was first positive week for copper prices after last 6 weeks continuous selling. This week copper future hit high around 342 while low was at 328. Total 14 rupee weekly range and closed with gain. 355 is 3 month average level and 365 is 6 month average level and expect this recovery rally to last up to those levels. 330 is bottom and remain major support zone.mcx lead future weekly chartMcx lead future this week closed with strong gains. After last week recovery we seen value buying in lead future. This week lead future low was at 108.95 while high was at 114.45. Touched its 3 month average and moving strongly towards 6 month average. 6 rupee movement from bottom and second weekly gains for lead prices. For next week above 111 keep buy on decline view for targets 115.6 and then 123.mcx nickel future weekly chartMcx nickel future this week closed with loss. This was forth losing week for nickel future but highly oversold on weekly chart. This week nickel future hit high around 718 while low was at 670. Total almost 50 rupee weekly range and closed with loss. On upside 750 is 3 month average and 800 rupee 6 month average level. For next week on downside 670 and 645 are support zone and investors must keep buy and accumulate view here. On upside 715 and then 760 are recovery target zones for nickel future.mcx zinc future weekly chartMcx zinc future this week closed with gain. This was first weekly gain after last 3 weeks continue fall. We have seen high volatility for zinc in this week. This week zinc low was at 113.4 while high was at 121.5. Total 8 rupee weekly range and closed with gain. On upside 127 and 131 are strong resistances of major weekly averages. For next week, zinc will have support at 118 and then 113 while on upside 126 and 131 are resistances as well as target zones on recovery.

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Pramod Baviskar

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