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Published on 2/07/2020 1:18:22 PM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 2/07/2020 By Enrich Commodities

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Copper

Technical outlook

Copper July 2hr 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 bearish momentum based on the current price action, once the same breaks below a key support holding at 464. The downside rally could be testing all the way through 462-459 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish/sideways mode. Key resistance holds at 467.50.

Technical Chart

 

Natural Gas

Technical outlook

Natural gas daily chart has formed “Falling wedge” pattern. The last few sessions ended up in sideways trend retesting near the channel’s resistance line. The market is expected to continue on bearish momentum based on the price action, once the same breaks below a key support holding at 126. The downside rally could be testing all the way through 123-120 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

 

Silver

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Rising wedge" pattern in 4hr time frame. Last few sessions ended up in sideways mode, retesting near the channel’s support line. The market is expected to continue on bearish momentum, once the prices breaks below a key support area holding near 49300. The negative rally could be extending all the way up to 48900-48500 levels in the upcoming sessions. An alternative scenario indicates that if the support holds strong then the market might retest the same and revise the trend to bullish/sideways mode. Key resistance holds at 50300.

Technical Chart

 

Zinc

Technical outlook

Zinc July 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up in sideways trend 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 at 165. The upside rally could be testing all the way up to 167-168 levels in the upcoming sessions. Alternatively, if the market struggles to break above resistance level, then it might revise the trend to bearish/sideways. Key support holds at 163.

Technical Chart

 

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