Copper, Natural Gas, Silver and Zinc Commodity Report Of 09/03/2022 - Enrich Financial Solution
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COPPER
Copper Mar future daily chart has formed "Rising channel" pattern. There were few random movements within the channel in the last few sessions, while the market has traded lower and closed in red for the last session. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 838. The downside rally could be testing all the way up to 835-832 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 848.
Technical outlook
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Symmetrical Triangle” pattern. Over the last few sessions, we have seen some random movements, where the last one had traded lower and closed in red. The market is currently expected to continue on the bearish momentum based on the price action, once break below the current support holding near 350. The downside rally could be testing all the way through 345-340 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 365. A slide to 370 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 "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 73100. The upside rally could be extending all the way up to 73700-74300 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 72500. A slide to 71900-71300 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 once again and yet closed in red. The market is expected to continue on the bearish term based on the price action, once the same breaks below the current key support holding near 334. The downside rally could be testing all the way up to 332-330 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 340.
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