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Published on 24/06/2020 12:47:13 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Nickel, Silver and Zinc Commodity Report Of 24/06/2020 By Enrich Commodities

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Copper

Technical outlook

Copper June daily chart has formed "Rising channel" pattern. The last few sessions ended up in bullish mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 451. The upside rally could be testing all the way through 454-456 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.

Technical Chart

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Natural Gas

Technical outlook

Natural gas 2hr 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 bullish momentum based on the price action, testing all the way through 130.50 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 123, then it might turn bearish/sideways once again. Key resistance holds at 130.50.

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 956. The downside rally could be testing all the way up to 946-939 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 channel" 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 key resistance area holding near 49000. The positive rally could be extending all the way up to 49400-49800 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 few sessions ended up in sideways trend after retesting the channel support line. 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 near 161. The downside rally could be testing all the way up to 159-157.50 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 163.50.

Technical Chart

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