Lead broke past the 40dema in wave iii minor degree. Levels to watch are support at 137. 38.2% retracement at 144, 50% at 148 and 61.8% at 152
Zinc broke out of the falling channel at 165 which should act as a support and the next set of retracement levels are 172-177-182
Copper MCX – closed above the averages as they hold above the falling trend since FEB. Momentum turned positive and 362.80 is the recent low support and 385 is the next resistance
Touched the upper end of a falling channel after a corrective advance and thus is open to dropping again from 471 to the lower end of the channel near 300.
Coffee prices have not yet bottomed and had a big down day yesterday. So chances are they will slip to the neckline near 100. While this level held the last few times we need to watch this time. Agro prices in general are falling everywhere, in India and abroad and no stopping it yet.
Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic and international clients. Views expressed in this article are purely of the author – Mr Rohit Srivastava – a leading technical analyst. Visit www.adamsmith.tv for services offered by Adam Smith Associates Pvt Ltd