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Published on 22/07/2020 10:37:27 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 22/07/2020 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 511. The upside rally could be testing all the way through 514-517 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 502.

Technical Chart

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Natural Gas

Technical outlook

Natural gas 2hr chart has formed “Descending 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 the bullish momentum based on the price action, once the same breaks above a key resistance level holding near 125.50. The upside rally could be testing all the way through 129-132 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 122.

Technical Chart

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Silver

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Rising channel" pattern in daily time frame. Last few sessions ended up in bullish mode breaking above a historical high. The market is expected to continue on bullish momentum, once breaking above a stiff resistance level holding near 57550. The upside rally could be extending all the way up to 58000-58400 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 56300.

Technical Chart

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Zinc

Technical outlook

MCX Zinc hourly Chart has formed "Rising channel" pattern. The last few sessions ended up in sideways trend retesting near the channel’s resistance line. 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 176. The downside rally could be testing all the way up to 174.50-173 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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