Copper, Silver, Lead & Jeera Technical Analysis



Copper
Copper prices bounced off the 20 week average again. So will we bottom at 2.58 or 2.48 remains open. It could be either. Maybe wave z is done or we will see one more sell off in copper before its done. A move above 2.70 should mean that wave 3 to new highs has already begun.


Silver
The advance in Silver has been slow and steady and so the last 5 days are a series of doji patterns. We are still to close above the 20dma at 17.55. The trend however is up. Now if there is a dip it would mean wave ii is still forming but I will not be surprised to see a 1$ pop up from this slow up move one fine morning. Silver is shaking out weak hands as Open Interest is high.



Jeera Quintal NCDEX
Jeera broke out of a small trading range at the lows that was forming all month long so hopefully we have finally started wave 3 up of larger degree. #=1 points to 24000 over the next 6 months. Support is at 16800-17200 range



Lead MCX
The falling dollar has managed to have a positive rub off on some metals apart from just precious metals. On a day that Equities were down big and News read ''Reflation trade ending'' this is important. Most people do not get that the reflation trade is more about the dollar falling and supporting inflationary trends. So if metals hold on in the face of a falling equity market it should be seen as indicating a coming stagflation.
Lead Prices on Mcx held on to their 61.8% retracement support and the daily indicator is still in buy mode so no change in the positive stance here yet.




Adam Smith Associates offers trade & commodity finance related services & solutions to its domestic & 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

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