Copper, Natural Gas, Silver and Zinc Commodity Report Of 24/11/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Dec future daily chart has formed "Right angled ascending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded higher and closed in slight red for the last session. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 738. The upside rally could be testing all the way up to 741-744 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 729.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rounded top chart” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded higher and closed in green. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 380. The upside rally could be testing all the way through 385- 390 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 360.
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 daily time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded lower and closed in strong red. 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 62400. The downside rally could be extending all the way up to 61800-61200 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 64200.
Technical Chart
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ZINC
Technical outlook
Zinc Nov future 4hr Chart has formed "Descending broadening wedge" pattern. The last few sessions ended up bearish in overall, where the last session has traded higher yet closed in red. The market is expected to continue on the bearish term based on the current price action, once the same breaks below the current key support holding near 272. The downside rally could be testing all the way up to 270-268 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 278.
Technical Chart
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