Base Metals have long been a part of our conversation here. Specifically, the Commodity supercycle has been one narration that you’ve been reading here since the end of last year. Of course, the trend hasn’t been a simple upward motion. It’s been anything but that, to be honest!
But time and again, we get some signals that reach out to us and say, ‘we are alive’. It’s like waiting for your spacecraft to send you a signal saying it’s A-ok. The past week was just that in terms of the base metals move that we saw. Did you see it too?
Earlier this week we shared the metals index making new highs and displaying the strength that we’re seeing in this segment. Here is our very own custom index that’s basically doing the same thing. You can see how strong the trend has been in the base metals space whereby we witness minor pauses in trend, followed by resumption.
The custom index is fast approaching its overhead resistance level at the 261.8% Fibonacci extension level. If however, the strong trend continues, we could witness a breakout above this level too! Remember, there was an ‘if’ in the earlier statement.
Click on the image to zoom in.
Let’s take a look at the metals and check the levels that we need to track.
To access our team’s Technical Analysis, you must be a premium member of All Star Charts India. Please login below or start your risk-free 30 day trial today.
Lost Password?