MENU

Published on 3/08/2020 12:40:27 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 03/08/2020 By Enrich Commodities

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

Copper

Technical outlook

Copper Aug future hourly chart has formed "Descending broadening wedge" pattern. The 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 breaks below a key support holding at 500. The downside rally could be testing all the way through 497-494 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 mode. Key resistance holds at 503. A slide to 509 is also a possibility if the prices breaks above resistance level.

Technical Chart

To Read Complete Report & Disclaimer Click Here

 

Natural Gas

Technical outlook

Natural gas 2hr chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up in 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 the same breaks below a key support level holding near 135. The downside rally could be testing all the way through 132-129 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might turn bullish/sideways once again. Key resistance holds at 138. A slide to 144 is also a possibility once the prices break above resistance level.

Technical Chart

To Read Complete Report & Disclaimer Click Here

 

Silver

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum, once breaking above a stiff resistance level holding near 65150. The upside rally could be extending all the way up to 65600-66000 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode. Key support holds at 64000.

Technical Chart

To Read Complete Report & Disclaimer Click Here

 

Zinc

Technical outlook

Technical outlook Zinc Aug future 2hr Chart has formed "Rising channel" pattern. The last few sessions ended up in sideways mode 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 break above a stiff resistance holding near 184.50. The upside rally could be testing all the way up to 186-187.50 levels in the upcoming sessions. Alternatively, if the market struggles to break above resistance, then it might retest the same and revise the trend to bearish/sideways. Key support holds at 183. A slide to 180 is also a possibility if the prices break below the support level.

Technical Chart

To Read Complete Report & Disclaimer Click Here
 

 

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

 

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer