Base metals trading tips for 21st August 2018


Before we start looking to celebrate Eid, it worth noticing that coming few days are crucial for base metals and other commodities.

This week the world’s two biggest economies are planning to meet to negotiate and resolve trade tensions. On Friday, Journals from both countries are working on resolving trade tensions.

As mentioned earlier last week, any such news would support prices and we saw a spike in prices yesterday. Our very favorite, Dr. Copper touched 414 on MCX. Almost all base metals were seen in green

We could see base metals following the same trend today since international markets are all in green since morning.

Although, President Trump released a statement saying “No time frame' to end China trade war” (Click here to read more), we still saw positive sentiments in the markets.

With decline in dollar index, we also saw some support in Indian Rupee. Investors are looking to buy dollars as we could see Rupee to moving to 69.75

For Intraday, one should buy Dollar at 69.30 for target of 69.75 and SL of 69.

Looking at individual base metals


Copper

There is lot of upside potential for Copper but for Intraday we see Copper trading sideways on MCX from 409-414.50

I would advise to buy Copper on dips for target of 416 with SL of 408. Copper has also moved to bearish market and it might visit that red line once again depending on trade talks.

Zinc

Zinc has been oversold for quite some time now and we might see profit booking today so for Intraday, I would suggest a long position.
Buy Zinc at 168 for target of 170 and SL of 166.

Nickel

Nickel has been quite promising in past two sessions. We would recommend a long position in Nickel.
Buy Nickel at 945 for target of 955 and SL of 934

Aluminium

Aluminium has been least affect by trade war and has a strong support around 139. Long position is recommended.
Buy Aluminium at dips around 142 for target of 145 and SL 139.





Base metals trading tips for 21st August 2018 Base metals trading tips for 21st August 2018 Reviewed by Olayinka Greatmind on August 21, 2018 Rating: 5

No comments:

Powered by Blogger.