Copper, Natural Gas, Silver and Zinc Commodity Report Of 02/03/2021 By - Enrich Commodities
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COPPER
Technical outlook
Copper March future 4hr chart has formed "Ascending broadening wedge" pattern. The last session ended sideways mode also creating new historical high. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the key support holding near 695. The downside rally could be testing all the way up to 692-689 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might revise the trend to bullish/sideways mode. Key resistance holds at 704.
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NATURAL GAS
Technical outlook
Natural gas 2hr chart has formed “Falling wedge” pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 201. The downside rally could be testing all the way through 198-195 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and turn bullish/sideways once again. Key resistance holds at 207. A slide to 210 is also a possibility if the price makes or break above the current resistance level.
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SILVER
Technical outlook
MCX Silver May futures technical chart has taken the formation of "Rising channel" pattern in 4hr time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same break below the key support level holding near 68600. The downside rally could be extending all the way up to 67800-67000 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 69400. A slide to 70200-71000 is also a possibility if the price makes or break above the current resistance level.
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ZINC
Technical outlook
Zinc march future 2hr Chart has formed "Falling channel" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding near 218. The downside rally could be testing all the way up to 216.50-215 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways. Key resistance holds at 221. A slide to 222.50 is also a possibility if the price makes or break above the current resistance level.
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