Copper, Natural Gas, Silver and Zinc Commodity Report Of 26/10/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Nov 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 sideways yet closed in red for the last session. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 767. The downside rally could be testing all the way up to 764-761 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 776.
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Right angled descending broadening wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded higher and closed in green testing near the channel’s resistance line. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 440. The upside rally could be testing all the way through 445-450 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 425.
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Rising channel" pattern in 4hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded higher and closed in slight green. 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 66300. The upside rally could be extending all the way up to 66900-67500 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 65700. A slide to 65100-64500 is also a possibility if the price makes or break below the current support level.
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ZINC
Technical outlook
Zinc Nov future 2hr Chart has formed "Falling wedge" pattern. The last few sessions ended up as bearish in overall, traded lower and has 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 284. The downside rally could be testing all the way up to 282-280 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 288. A slide to 290 is also a possibility if the price makes or break above the current resistance level.
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