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Published on 23/09/2020 10:45:56 AM | Source: Enrich Commodities India Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 23/09/2020 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 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 532. The upside rally could be testing all the way up to 535-538 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 529. A slide to 526-523 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 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 133. The downside rally could be testing all the way through 130-127 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 142.

Technical Chart

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SILVER

Technical outlook

MCX Silver Dec futures technical chart has taken the formation of "Descending broadening wedge" pattern in 4hr time frame. Last session ended up bullish after retesting the channel’s support line. 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 61600. The upside rally could be extending all the way up to 62800-63700 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 60600. A slide to 59600-58400 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 Sept future 2hr Chart has formed "Rising channel" pattern. The last session ended up retesting near the channel’s support trend line. 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 195. The upside rally could be testing all the way up to 196.50-198 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 193.50. A slide to 192-190.50 is also a possibility if the price makes or break below the current support level.

Technical Chart

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