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Published on 28/10/2021 12:17:52 PM | Source: Enrich Financial Solution Pvt Ltd

Copper, Natural Gas, Silver and Zinc Commodity Report Of 28/10/2021 - 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 strong 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 745. The downside rally could be testing all the way up to 742- 739 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 754.

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Ascending 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. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 475. The upside rally could be testing all the way through 480-485 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 450

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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 but 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 65400. The upside rally could be extending all the way up to 66000-66600 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 64800. A slide to 64200-63600 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, where the last session has traded lower but closed in green. The market is expected to continue on the bullish term based on the current price action, once the same breaks above the current key resistance holding near 283. The upside rally could be testing all the way up to 285-287 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 277.

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