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Published on 27/03/2020 12:34:05 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Nickel and Silver Commodity Report Of 27/03/2020 By Enrich Commodities

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Copper

Technical outlook

Copper April daily chart has formed "Descending broadening wedge" pattern. The last few sessions been in sideways trend 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 376.50. The upside rally could be testing all the way through 381-385 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 366 level. Key support holds at 366.

Technical Chart

 

Natural Gas

Technical Outlook

Natural gas daily chart has formed “Megaphone chart” pattern. The last few sessions ended up in sideways trend 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 121. The downside rally could be testing all the way through 117-113 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 130 levels. Key resistance holds at 130.

 

Technical Chart

 

Nickel

Technical Outlook

Nickel April daily Chart has formed "Descending broadening 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 868. The upside rally could be testing all the way through 890-910 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 820 level. Key support holds at 820.

Technical Chart

 

Silver

Technical Outlook

MCX Silver May futures technical chart has taken the formation of "Megaphone chart" pattern in weekly time frame. Last few sessions ended up in sideways in trend along with some corrections inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 41550. The positive rally could be extending all the way up to 42000-42400 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might retest the same and revise the trend to bearish once again. The downside rally could test up to 40400 level. Key support holds at 40400.

Technical Chart

 

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