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Published on 12/08/2020 11:19:04 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 12/08/2020 By Enrich Commodities

Posted in Commodities Reports| #Commodity Tips #Enrich Commodities India Pvt Ltd

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Copper

Technical outlook

Copper Aug future daily 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 bearish momentum based on the current price action, testing all the way through 506-503 levels in the upcoming sessions. Alternatively, if the market breaks the resistance level holding near 512, then it might revise the trend to bullish/sideways mode. A slide to 518 is also a possibility if the prices break above the resistance level. Key support holds at 503.

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 in sideways mode after retesting near the channel’s resistance line. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 161. The downside rally could be testing all the way through 158-155 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 170.

Technical Chart

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Silver

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 2hr time frame. Last session ended up strong bearish after the retesting near current channel’s resistance line. The market is expected to continue on bearish momentum, once breaking below the crucial support level holding near 66150. The downside rally could be extending all the way up to 65300-64500 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 at 67300. A slide to 68800-69500 is also a possibility if the prices make or break above the resistance level.

Technical Chart

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Zinc

Technical outlook

Zinc Aug future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways after retesting the current channel’s resistance line. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding at 191.50. The upside rally could be testing all the way up to 193-194.50 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 188.

Technical Chart

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