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Published on 22/09/2020 10:41:48 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 22/09/2020 By Enrich Commodities

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

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COPPER

Technical outlook

Copper Sept future 2hr chart has formed "Rising channel" pattern. The last session ended up bearish retesting near the channel’s support line. The market is still expected to continue on bearish momentum based on the current price action, once the same break below a key support holding near 523. The downside rally could be testing all the way up to 520-517 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 526. A slide to 529- 532 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 daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up bearish retesting near the channel’s support line. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 134. The downside rally could be testing all the way through 129-126 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 145.

Technical Chart

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SILVER

Technical outlook

MCX Silver Dec futures technical chart has taken the formation of "Falling channel" pattern in 4hr time frame. Last session ended up bearish 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 61000. The downside rally could be extending all the way up to 60000-59200 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 near 62000. A slide to 63200-64400 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 session ended up bearish 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 192. The downside rally could be testing all the way up to 190-188 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 198.

Technical Chart

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