Copper, Natural Gas, Silver and Zinc Commodity Report Of 22/01/2021 By - Enrich Commodities
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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 bearish momentum based on the current price action, once the same break below the key support holding near 609. The downside rally could be testing all the way up to 606-603 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might revise the trend to bullish/sideways mode. Key resistance holds at 615. A slide to 618 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 2hr 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 180. The downside rally could be testing all the way through 177-174 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 183. A slide to 186- 189 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 67800. The upside rally could be extending all the way up to 68600-69400 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 67000. A slide to 66200-65400 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 bearish term based on the current price action, once the same breaks below a key support holding near 215. The downside rally could be testing all the way up to 213.50-212 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways. Key resistance holds at 216.50. A slide to 218-219.50 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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