mcx base metals report for 20th october 2016

mcx aluminium report for 20th october 2016 Mcx aluminium future last closed at 108.5 with the loss. Aluminium prices are sliding on continue profit booking as well as fresh shorting. This was fourth losing session for this base metals and yesterday breached support of 108.8. On the downside, next major support is at 106. Aluminium technically is in oversold zone and remain to buy and accumulate from medium to long term view. For today mcx aluminium support zones are 107.5 and 106 while on upside 109 and 111 are intraday resistance levels. mcx copper report for 20th october 2016 Mcx copper future on last trading session closed at 312.15 flat. On the daily chart, copper price trend and momentum both bearish but technically oversold. Copper prices breached 314 rupee support and heading towards 305 and 302 support level. Here keep buy on dips view with medium to long term view for big upside rally. For intraday mcx copper future support zones are 309 and 306 while on upside 314 and 319 are resistance levels. mcx lead report for 20th october 2016 Mcx lead future last closed at 133.35 with gain. Lead prices are shown lows near 130. Here this fresh upside move has its target around 136 which is strong resistance on the upside. For intraday mcx lead support zones are 131 and 128 while on upside 133.8 and 136 are resistance levels. Keep buy on dips view with a strict stop loss in place. mcx nickel report for 20th october 2016 Mcx nickel future last closed at 686 with the loss. Nickel gave swing low of 677 and recovered in intraday. here this commodity breached support of 680 rupees but the technical picture still bullish so keep buy on dips view and expect strong recovery rally ahead. For intraday mcx nickel support zones are 680 and 672 while on upside 688 and 705 are resistance levels. mcx zinc report for 20th october 2016 Mcx zinc future last closed at 153.75 with gain. Zinc is one of the strong commodity and expects here strong rallies on every upside as most of the traders are short here. For intraday mcx zinc future support zones are 152 and 151 on upside 154.8 and 157 are resistance levels. Watch for a major breakout above 154.8 for swing target 162+.

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Pramod Baviskar

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