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Published on 17/09/2020 10:51:52 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 17/09/2020 By Enrich Commodities

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

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COPPER

Technical outlook 

Copper Sept 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 still expected to continue on bullish momentum based on the current price action, once the same break above a key resistance holding near 530.50. The upside rally could be testing all the way up to 533.50-536.50 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 527.50. A slide to 524.50-521 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 2hr chart has formed “Falling channel” pattern. The last session ended up bearish 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 166.50. The downside rally could be testing all the way through 163.50-160 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 176. 

Technical Chart 

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SILVER

Technical outlook 

MCX Silver Dec futures technical chart has taken the formation of "Bullish pennant chart" pattern in 4hr time frame. Last few sessions ended up sideways after retesting near the channel’s resistance line. The market is expected to continue on bearish momentum based on the current price action, once the same break below the key support level holding near 68600. The downside rally could be extending all the way up to 67800-67100 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 69300. A slide to 70100-70900 is also a possibility if the price makes or break above the current resistance level.  

Technical Chart 

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ZINC

Technical outlook 

Zinc Sept future daily Chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up bullish 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 a key resistance holding near 196.50. The upside rally could be testing all the way up to 198-199.50 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 192. 

Technical Chart 

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