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Published on 22/06/2020 11:59:32 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Nickel, Silver and Zinc Commodity Report Of 22/06/2020 By Enrich Commodities

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Copper

Technical outlook

Copper June daily chart has formed "Rising channel" pattern. The last session ended up as reversal mode along with some corrections inside the channel. The market is expected to revise to bearish momentum based on the current price action, testing all the way through 440 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 449 then it might turn bullish once again. Key support holds at 440.

Technical Chart

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Natural Gas

Technical outlook

Natural gas daily chart has formed “Descending triangle” 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 129. The upside rally could be testing all the way through 132-134 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 123.

Technical Chart

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Nickel

Technical outlook

Nickel June daily 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 bearish term based on the current price action, once the same breaks below a key support holding at 970. The downside rally could be testing all the way up to 962-955 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish/sideways mode. Key support holds at 992.

Technical Chart

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Silver

Technical outlook

MCX Silver July futures technical chart has taken the formation of "Rising wedge" pattern in daily time frame. Last few sessions ended up in sideways mode, retesting near the channel’s support line. The market is expected to continue on bullish momentum, once the prices breaks above a stiff resistance area holding near 48750. The positive rally could be extending all the way up to 49100-49400 levels in the upcoming sessions. An alternative scenario indicates that if the resistance holds strong then the market might retest the same and revise the trend to bearish/sideways mode. Key support holds at 47800.

Technical Chart

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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 163. The upside rally could be testing all the way up to 165 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 161.50.

Technical Chart

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