Copper, Natural Gas, Silver and Zinc Commodity Report Of 28/07/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future 4hr chart has formed "Rising channel" pattern. The last few sessions ended up bullish mode along with some corrections inside the channel. 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 761.
The upside rally could be testing all the way up to 764-767 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 752.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Right angled Ascending broadening wedge” pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 296.
The downside rally could be testing all the way through 293-290 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 302. A slide to 305 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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SILVER
Technical outlook
MCX Silver Sept futures technical chart has taken the formation of "Falling wedge" pattern in daily time frame. Last few sessions ended up sideways mode 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 66000.
The downside rally could be extending all the way up to 65400-64800 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 66600. A slide to 67200-67800 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 Aug future daily Chart has formed "Megaphone chart" pattern. The last few sessions ended up bearish mode along with some corrections inside the channel, after retest near new historical high. 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 244.
The downside rally could be testing all the way up to 242.50-241 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 247. A slide to whole new level is a possibility if the price makes or break above the current resistance level.
Technical Chart
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