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Published on 19/06/2020 1:20:44 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Nickel, Silver and Zinc Commodity Report Of 19/06/2020 By Enrich Commodities

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Copper

Technical outlook

Copper June hourly chart has formed "Rising wedge" pattern. The last few sessions been in bullish trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once break above a key resistance holding at 446.50. The upside rally could be testing all the way through 448-450.50 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. Key support holds at 442.50.

Technical Chart

 

Natural Gas

Technical outlook

Natural gas 4hr chart has formed “Falling channel” pattern. The last few sessions ended up in bullish trend along with some corrections after retesting the channel support line. The market is expected to continue on bullish momentum based on the price action, once the same breaks above a key resistance holding at 127. The upside rally could be testing all the way through 130-132 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish/sideways. Key support holds at 122.

Technical Chart

 

Nickel

Technical outlook

Nickel June 4hr Chart has formed "Rising wedge" pattern. The last few sessions been in sideways trend along with some corrections inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding at 988. The upside rally could be testing all the way up to 995-1004 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish/sideways mode. Key support holds at 970.

Technical Chart

 

Silver

Technical outlook

MCX Silver July futures technical chart has taken the formation of "Head and Shoulders" continuous pattern in 4hr time frame. Last session ended up in red as expected, retesting near the trend line. The market is expected to continue on bearish momentum, once the prices breaks below a crucial support area holding near 47700. The negative rally could be extending all the way up to 47300-47050 levels in the upcoming sessions. An alternative scenario indicates that if the support holds strong then the market might retest the same and revise the trend to bullish/sideways mode. Key resistance holds at 48550.

Technical Chart

 

Zinc

Technical outlook

Zinc June 4hr Chart has formed "Ascending broadening wedge" pattern. The last session ended up in bullish trend after retesting the channel support line. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding near 162. The upside rally could be testing all the way up to 163-163.90 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish/sideways mode. Key support holds at 158.80.

Technical Chart

 

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