The analysis of the daily chart of MCX Lead reveals bullish developments. The base metal is forming a bullish price pattern called inverted head and shoulders pattern. The rise from 72.55 to 84.85 was a leading diagonal, whose 61.8% retracement has already been achieved. The daily MACD is in sync with the bullish formation. Near the equilibrium line, the momentum indicator has taken support at the nine-period moving average and is set for a new cycle up. Once Lead breaks out from the bullish pattern, the conservative head and shoulders pattern’s target will be 90. However, to reach the target Lead will have to overcome the hurdle of 21 daily exponential moving average (DEMA; 81.5) and 50DEMA (83). In case the right shoulder’s low i.e. 77 is broken, the reversal of the view can be assumed.

The analysis of MCX Nickel’s daily chart shows that the move from 823.6 to 952 was a five-wave advance. As per Elliott wave principle, a five-wave advance is followed by a three-wave correction and a subsequent five-wave advance. Nickel has recently formed a three-wave correction that has retraced 50% of the five-wave advance. In terms of price pattern, the correction has taken the form of a bullish flag. The daily MACD is trading with a positive bias. Hence the short-term target is the high of 952. The key support is at 61.8% ie 872 whereas the resistance is at 919 ie 21 daily exponential moving average (DEMA).

MCX Gold on the daily chart has formed a triangular consolidation pattern. Every dip in the consolidation has taken support near the middle Bollinger Band and the 21 daily exponential moving average (DEMA). Even in the recent fall, it has taken support there. Significant contraction in the daily Bollinger Bands indicates that a sharp move is in the offing. A fresh buy signal in the daily KST suggests that the triangle will break on the upper side. Once the swing high of Rs18,984 is surpassed, gold will target the high of Rs19,198 and beyond that the breakout target of the triangle pegged at Rs19,650. On the downside, the swing low of Rs18,502 is a key support from a shortterm perspective.

Copper is forming an ending diagonal on the daily chart.In the last trading session, the metal has closed above the upper end of the pattern as well as above its 50DEMA. The daily MACD has formed a higher top-higher bottom, which has been reflected in the price as well. The red metal will now attempt for the equality target with the previous up-leg. The level coincides with the swing high of $3.18. On the downside, the reversal can be trailed to the swing low i.e. $2.84.

As can be observed from the daily chart, MCX Lead is falling in a downward channel. At the low of 72.55, it took support at the lower end of the channel. The next destination for the base metal is the upper channel line. Recently the metal consolidated for a couple of sessions. The current leg i.e. the move that has started post the correction will target for the equality with the previous up move i.e. 90. After meeting the target of equality at 92 the next target will be the upper channel line. The daily KST has entered the positive territory and is moving higher. This indicates that the momentum will assist the bulls in hitting the above-said targets. On the other hand if the low of the consolidation i.e. 78.8 is breached, it will be a bearish development.

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