Copper, Natural Gas, Silver and Zinc Commodity Report Of 27/10/2021 - 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 lower and 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 761. The downside rally could be testing all the way up to 758-755 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 770.
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Megaphone chart” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded higher and closed in slight red retesting 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 450. The upside rally could be testing all the way through 455-460 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 430.
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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 lower and closed in 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 64800. The downside rally could be extending all the way up to 64200-63600 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 65400. A slide to 66000-66600 is also a possibility if the price makes or break above the current resistance 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 slight 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 281. The downside rally could be testing all the way up to 279-277 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 285. A slide to 287 is also a possibility if the price makes or break above the current resistance level.
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