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Technical charts indicate upward journey for aluminium, copper & lead futures

Author: Dilip Kumar Nath/Thursday, March 4, 2021/Categories: Exclusive

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Technical charts indicate upward journey for aluminium, copper & lead futures

MCX Aluminium Weekly Chart
Aluminium Futures on the MCX platform settled little higher at Rs173.50 on last week, from the previous closing price of Rs170.05. After consolidation of couple of weeks, last week's prices traded higher and now the prices are trading above the 18-day moving averages of 169.32. The short to medium-term channel resistance of Rs162 is already breached and now well sustained above the 18-day moving averages of Rs169.32. Now, the next immediate resistance is seen at Rs176.50, sustainable trade above it will see the good move towards Rs180/184 and if it breaks the immediate support line of Rs169 then it will see the downside move towards Rs165/162 respectively. Overall, the commodity is expected to move higher from its support level. Thus we recommend buy on dips in the current month.

Copper MCX Weekly Chart
Copper futures on the MCX platform settled higher at Rs702.95 on the previous week from the previous closing price of Rs692.25. The prices have been well sustained above the trend line resistance of Rs645. Now, the immediate resistance is seen at Rs737. If the price will sustain above the immediate next resistance line of Rs737, then it will continue to move upside towards Rs750 and break above it will see further upside towards Rs775/800 very soon. If the price sustains below the first support line of Rs685, we can see the down side move towards Rs665/650 levels in the near term basis. Overall the commodity is expected to move higher from its support level.

MCX Lead Weekly Chart
Lead futures on the MCX platform settled little lower at Rs169.60 on the previous week. At present, the prices are trading near the daily 18-EMA levels of 169.78.The Momentum Oscillator Stochastic (14,3,3) is now witnessing a positive divergence and also providing bullish trend for short to medium-term basis. The 50-day EMA sustained on the higher side, which indicates buying in short-term basis. Overall, the commodity is expected to move higher from its support levels. Now, the crucial resistance is seen at Rs174.70, sustainable trade above this level will see the good upside move towards Rs178/182 in this month and if the prices has sustain  below Rs165 levels then can see  the downside/ correction move towards Rs162/160 respectively.

MCX Nickel Weekly Chart
Nickel futures on the MCX platform settled higher at Rs1,367.70 on the previous week. At present prices are trading above the weekly 50-EMA level of Rs1,319.24 and also above 200- EMA levels of Rs1,172.27. The Momentum weekly Oscillator MACD is trading above the resistance line of Rs1,330, witnessing bullish crossover. Buying can be seen again in the counter if it continues to trade above Rs1,330 level, which take the counter towards Rs1,390/1420 respectively. If it breaks below the support line of Rs1,330 levels, then it may move further down side move towards Rs1,310/1,290 levels in short-term basis. Overall, the commodity is expected to move higher from its support level.

Zinc MCX Weekly Chart
Zinc futures on the MCX platform settled lower at Rs219.55 in the previous week. At present, prices are trading above the daily 200-EMA levels Rs199.22 and above the weekly rising trend line resistance levels of Rs211. The long term trend is bullish only and we have already seen the correction from last couple of weeks from Rs236 to 218.15, if it sustains below Rs218 level, it'll see the downside move towards Rs209/205 and if it trades above Rs223 level and sustains, it'll further move upside towards Rs230/235. But the view will be intact until the recent low Rs218 is not interrupted.

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The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

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