Copper, Natural Gas, Silver and Zinc Commodity Report Of 07/03/2022 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Mar future daily chart has formed "Rising wedge" pattern. There were few random movements within the channel in the last few sessions, while the market has traded higher yet again reaching all new historical high and closed in green for the last session. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 842. The upside rally could be testing all the way up to 845 & furthermore 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 828.
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Rising wedge” pattern. Over the last few sessions, we have seen some random movements, where the last one had traded higher and closed in green. The market is currently expected to continue on the bullish momentum based on the price action, once break above the current resistance holding near 385. The upside rally could be testing all the way through 390-395 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and turn bearish/sideways once again. Key support holds at 370..
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SILVER
Technical outlook
MCX Silver May futures technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded higher and closed in green again. Current market is expected to continue on bullish trend based on the gap up formation opened today, once break above the key resistance level holding near 70300. The upside rally could be extending all the way up to 70900-71500 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 69500. A slide to 68900-68300 is also a possibility if the price makes or break below the current support level.
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ZINC
Technical outlook
Zinc Mar future daily chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up bullish in overall, where the last session has traded higher reaching all new historical high yet and closed in green. The market is expected to continue on the bullish term based on the gap up formation today, once the same breaks above the current key resistance holding near 343. The upside rally could be testing all the way up to 345-347 and furthermore new 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 339. A slide to 337 is also a possibility if the price makes or break below the current support level.
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