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Published on 8/04/2020 4:04:17 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Nickel and Silver Commodity Report Of 8/04/2020 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 393.50. The upside rally could be testing all the way through 398-402 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 382 level. Key support holds at 382.

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 bullish momentum based on the price action, once the same breaks above a key resistance holding at 138. The upside rally could be testing all the way through 143-147 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 126 levels. Key support holds at 126.

Technical Chart

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Nickel

Technical Outlook

Nickel April daily Chart has formed "Falling 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 breaks above a key resistance holding at 885. The upside rally could be testing all the way through 900-910 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 850 level. Key support holds at 850.

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 bullish 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 43800. The positive rally could be extending all the way up to 44200-44600 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 42800 level. Key support holds at 42800.

Technical Chart

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