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Published on 26/06/2020 12:31:43 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Nickel, Silver and Zinc Commodity Report Of 26/06/2020 By Enrich Commodities

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Copper

Technical outlook

Copper July daily chart has formed "Rising channel" pattern. The last few sessions ended up in sideways 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 456.50. The upside rally could be testing all the way through 459-461 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 449.

Technical Chart

 

Natural Gas

Technical outlook

Natural gas daily chart has formed “Megaphone chart” 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 112. The downside rally could be testing all the way through 109-106 levels in the upcoming sessions. Alternatively, if the market struggles to break below support, then it might retest the same and turn bullish/sideways once again. Key resistance holds at 121.

Technical Chart

 

Nickel

Technical outlook

Nickel July daily Chart has formed "Rising wedge" pattern. The last session been in bearish trend but retesting near the channel’s support line. The market is expected to revise the trend to bullish based on the current retesting price action, testing all the way up to 980 levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at 952, then the market might turn bearish/sideways mode. Key resistance holds at 980.

Technical Chart

 

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 bearish momentum, once the prices breaks below a key support area holding near 47850. The negative rally could be extending all the way up to 47400-47000 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 49100.

Technical Chart

 

Zinc

Technical outlook

Zinc June 4hr Chart has formed "Symmetrical triangle" 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 165.20. The upside rally could be testing all the way up to 166.50-168 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.

Technical Chart

 

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