MCX Base metals weekly report for 24 to 28 October 2016

MCX aluminium weekly report for 24 to 28 October 2016 Mcx aluminum future this week closed with a heavy loss. This week aluminum price slumped from high of 111 to low near 107. Mcx aluminium future weekly chart trend is bullish but momentum is on correction side. Major indicators are bearish but at supports. For next week, mcx aluminium future outlook below 108.8 remain sell but on daily chart prices as well as indicators are oversold so expect sharp short covering rallies ahead. Above 108.8 expect a sharp rally for target 111 to 113.55. On downside 106 and 102 are strong support zones and targets if the reversal doesn’t come. Mcx aluminum weekly chart suggesting aluminium is testing 107-108 long term support zones before moving towards 119 which will its medium to long term target. MCX copper weekly report for 24 to 28 October 2016 Mcx copper future this week closed at 311.35 with the loss. This was the third losing week for copper prices and in these 3 weeks, copper future had fallen from the top of 329 to low of 310. 19 rupee or 6% drop in prices. Mcx copper weekly chart price trend and momentum both are bearish. Mcx copper on the daily chart is the oversold and near bottom. On downside 306 and 302 are supported zones. While on upside 314 and 323 are strong resistances as well as target zones on recovery rallies. On the weekly chart, copper is forming a triple bottom at 310 level which will be buying signal for medium to long term investors with price targets 342 and then 395. MCX nickel weekly report for 24 to 28 October 2016 Mcx lead future this week closed flat negative at 133.75. This was the third negative week for lead prices and in these 3 weeks, we saw mcx lead high at 143 while low near 130. Total 13 rupees or almost 10% range and weakness on strong profit booking. Mcx lead future weekly price trend is strong bullish but momentum is weak on profit booking. But this week recovery suggesting prices are now ready to move on the upside. For next week, mcx lead support zones are 131 and 128 while on upside 136 and 140.6 are strong resistances. Above 136, the lead will enter strong bullish trend for targets 140 to 147 in short to medium terms. MCX lead weekly report for 24 to 28 October 2016 Mcx nickel future this week closed with a loss. This week nickel prices tumbled from 701 highs to lows of 665 and closed near lows. Mcx nickel weekly chart price trend is bullish and investors use this correction to buy and accumulate on the decline. Weekly chart as well as daily chart nickel price are technically oversold and expect sharp short covering in upcoming weeks. For next week mcx nickel support zones are 655 and 640 while on upside 690 and 710 are strong resistances as well as target zones on a reversal. Above 690 expect strong uptrend for nickel prices with medium-term targets 734 and then 770. MCX zinc weekly report for 24 to 28 October 2016 Mcx zinc future this week closed at 150.8 with flat gains. After last 2 weeks profit booking zinc prices seen some buying on lower levels. Mcx zinc weekly chart showing support at 150 and 147 while on upside 154 and 157 are strong supply zones. For next week, traders below 155 keep a short view on zinc future and expect targets 150 and then 143 on the downside. Buying is suggested above 155 only for targets 160 to 163. For mcx base metal tips on whatsapp with live support and follow ups join our commodity tips service.

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Pramod Baviskar

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