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Published on 3/04/2020 1:22:40 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Nickel and Silver Commodity Report Of 3/04/2020 By Enrich Commodities

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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 bearish trend. The continuation of the trend will be confirmed once the prices breaks below a key support holding at 39700. The negative rally could be extending all the way up to 39300-38900 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might retest the same and revise the trend to bullish once again. The upside rally could test up to 40900 level. Key resistance holds at 40900.

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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 bearish term based on the current price action, testing all the way through 830 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 870 then it might turn bullish once again. The upside rally could test up to 900 level. Key support holds at 830.

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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 119 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 130 then it might turn bullish once again. The upside rally could test up to 134-138 levels. Key support holds at 119.

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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, once the breaks below a key support holding at 375. The downside rally could be testing all the way through 371-367 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 386 level. Key resistance holds at 386.

 

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