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Published on 20/07/2020 11:33:56 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 20/07/2020 By Enrich Commodities

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Copper

Technical outlook

Copper July daily chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up in sideways 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 breaks above a key resistance holding near 501.50. The upside rally could be testing all the way through 505-508 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 492.

Technical Chart

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Natural Gas

Technical outlook

Technical outlook Natural gas 2hr chart has formed “Descending broadening wedge” pattern. The last session ended up in bearish mode along with some corrections inside the channel. The market is expected to continue on the bearish momentum based on the price action, once the same breaks below a key support level holding near 128. The downside rally could be testing all the way through 125-122 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 131.

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 4hr time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum, once breaking above a key resistance level holding near 53050. The upside rally could be extending all the way up to 53400-53700 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. Key support holds at 52200.

Technical Chart

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Zinc

Technical outlook

MCX Zinc daily Chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding at 172. The downside rally could be testing all the way up to 170.50-169 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might revise the trend to bullish/sideways. Key resistance holds at 177.

Technical Chart

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