Copper, Natural Gas, Silver and Zinc Commodity Report Of 07 /05/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper May future 4hr chart has formed "Ascending broadening wedge" pattern. The last session ended up bullish mode along with some corrections creating new historical high. The market is still expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 771. The upside rally could be testing all the way up to whole new levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might revise the trend to bearish/sideways mode. Key support holds at 765. A slide to 762 is also a possibility if the price makes or break below the current support level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Ascending broadening 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 215. The downside rally could be testing all the way through 212-210 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 218. A slide to 221-223 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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SILVER
Technical outlook
MCX Silver July futures technical chart has taken the formation of "Rising wedge" pattern in 4hr time frame. Last session ended up in bullish mode 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 break above the key resistance level holding near 71900. The upside rally could be extending all the way up to 72600-73600 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 once again. Key support holds near 70400. A slide to 69700 is also a possibility if the price makes or break below the current support level.
Technical Chart
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ZINC
Technical outlook
Zinc April future 4hr Chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways 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 the current key resistance holding near 233. The upside rally could be testing all the way up to 234.50-236 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways. Key support holds at 231. A slide to 230-228 is also a possibility if the price makes or break below the current support level.
Technical Chart
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