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Published on 21/01/2021 11:20:06 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 21/01/2021 By - Enrich Commodities

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

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COPPER

Technical outlook

Copper Jan future 4hr chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways mode 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 the key resistance holding near 613. The upside rally could be testing all the way up to 616-619 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 607. A slide to 604 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 daily chart has formed “Falling channel” pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 179. The downside rally could be testing all the way through 176-173 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 182. A slide to 185-188 is also a possibility if the price makes or break above the current resistance level.

Technical Chart


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SILVER

Technical outlook

MCX Silver March futures technical chart has taken the formation of "Rising channel" pattern in 2hr 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 based on the current price action, once the same break above the key resistance level holding near 67200. The upside rally could be extending all the way up to 68000-68800 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 66400. A slide to 65600- 64800 is also a possibility if the price makes or break below the current support level.

Technical Chart

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Zinc

Technical outlook

Zinc daily future 4hr Chart has formed "Right angled 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 the bullish term based on the current price action, once the same breaks above a key resistance holding near 218.50. The upside rally could be testing all the way up to 220-221.50 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 217. A slide to 215.50-214 is also a possibility if the price makes or break below the current support level.

Technical Chart

 

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