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Published on 30/03/2020 10:02:56 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Nickel and Silver Commodity Report Of 30/03/2020 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 bearish momentum based on the current price action, testing all the way through 366 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 376.50 then it might turn bullish once again. The upside rally could test up to 383 level. Key support holds at 366.

Technical Chart

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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, testing all the way through 121 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 131 then it might turn bullish once again. The upside rally could test up to 138 levels. Key resistance holds at 121.

Technical Chart


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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 872. 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 840 level. Key support holds at 840.

Technical Chart

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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 41100. The positive rally could be extending all the way up to 41500-41900 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 40000 level. Key support holds at 40000.

Technical Chart

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