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Published on 21/09/2020 10:41:33 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 21/09/2020 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 "Rising 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 538. The upside rally could be testing all the way up to 541-544 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 532. A slide to 529 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 “Ascending broadening wedge” pattern. The last session ended up bullish retesting near the channel’s support line. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 151. The upside rally could be testing all the way through 154-157 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and turn bearish/sideways once again. Key support holds at 145. A slide to 142 is also a possibility if the price makes or break below the current support level.

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 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 break below the key support level holding near 67700. The downside rally could be extending all the way up to 67000-66200 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 68500. A slide to 69300-70000 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 198. The upside rally could be testing all the way up to 199.50-201 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 195. A slide to 193.50 is also a possibility if the price makes or break below the support level.

Technical Chart

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