Copper, Natural gas, Silver and Zinc Commodity Report Of 08/02/2022 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Feb future daily chart has formed "Symmetrical triangle" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded sideways and yet closed almost flat 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 757. The upside rally could be testing all the way up to 760-763 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 748. A slide to 745 is also a possibility if the price makes or break below the current support level.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Descending broadening wedge” pattern. Over the last few sessions, we have seen some random movements, where the last one had traded lower and closed in red on a gap down formation. Opened today on a small gap up formation. The market is currently expected to continue on the bearish momentum based on the price action, once break below the current support holding near 315. The downside rally could be testing all the way through 310-305 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 325. A slide to 330-335 is also a possibility if the price makes or break above the resistance level.
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SILVER
Technical outlook
MCX Silver Mar futures technical chart has taken the formation of "Descending triangle" 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 a higher and closed in green. The current 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 62100. The upside rally could be extending all the way up to 62700-63300 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 61500. A slide to 6090.
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ZINC
Technical outlook
Zinc feb future 4hr chart has formed "Rising wedge" pattern. The last few sessions ended up bullish in overall, where the last session has traded higher and 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 303. The upside rally could be testing all the way up to 305-307 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 301. A slide to 299-297 is also a possibility if the market makes or break below the current support level.
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