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Published on 23/06/2020 12:51:43 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Nickel, Silver and Zinc Commodity Report Of 23/06/2020 By Enrich Commodities

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Copper

Technical outlook

Copper June hourly chart has formed "Rising wedge" pattern. The last few sessions ended up in bullish mode along with some corrections inside the channel. The market is expected to revise to bullish momentum based on the current price action, once the same breaks above a key resistance holding at 450. The upside rally could be testing all the way through 452.50-455 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 447.50.

Technical Chart

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Natural Gas

Technical outlook

Natural gas 4hr chart has formed “Falling channel” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the price action, once the same breaks below a key support holding at 124.80. The downside rally could be testing all the way through 123-121 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish/sideways. Key resistance holds at 130.50.

Technical Chart

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Nickel

Technical outlook

Nickel June 2hr Chart has formed "Rising channel" 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 960. The downside rally could be testing all the way up to 953-948 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 resistance holds at 978.

Technical Chart

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Silver

Technical outlook

MCX Silver July futures technical chart has taken the formation of "Rising wedge" pattern in hourly time frame. Last few sessions ended up in sideways mode, retesting near the channel’s support line. The market is expected to continue on bearish momentum, once the prices breaks below a crucial support area holding near 48420. The negative rally could be extending all the way up to 48150-47900 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 49250.

Technical Chart

 

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Zinc

Technical outlook

Zinc June 2hr Chart has formed "Ascending broadening wedge" pattern. The last few sessions 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 163.80. The upside rally could be testing all the way up to 165.20 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 162.

Technical Chart

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