Enrich Financial

Published on 21/01/2022 3:22:46 PM

CRUDEOIL

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. While few sessions have been in sideway rallies with some corrections. The last one has traded lower and yet closed in slight green. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend, once the same break below the current key support level holding near 6360. The downside rally could be testing all the way up to 6300-6250 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 6470. A slide to 6520 is also a possibility if the price makes or break above the current resistance level.

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Enrich Financial

Published on 21/01/2022 3:22:25 PM

GOLD

Technical outlook

MCX Gold Feb futures technical chart has taken the formation of “Rising channel” pattern in daily time frame. Following some sideways movements within the channel, last session has traded higher and closed flat. Based on the current price action, market is expected to continue on bullish momentum once the same breaks above the key resistance level holding near 48500. The upside rally could possibly test up to 48800- 49100 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 48200. A slide to 47900-47600 level is also a possibility if the price makes or break below the current support level.

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Enrich Financial

Published on 21/01/2022 3:22:06 PM

ZINC

Technical outlook

Zinc Jan future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways 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 301. The upside rally could be testing all the way up to 303-305 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 298. A slide to 296-294 is also a possibility if the price makes or break below the current support level.

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Enrich Financial

Published on 21/01/2022 3:21:57 PM

SILVER

Technical outlook

MCX Silver Mar futures technical chart has taken the formation of "Rising channel" 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 higher as expected and closed in 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 65600. The upside rally could be extending all the way up to 66200-66800 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 64400. A slide to 63800 is also a possibility if the price makes or break below the current support level.

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Enrich Financial

Published on 21/01/2022 3:21:49 PM

NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Descending broadening wedge” pattern. Over the last few sessions, we have seen some sideways movements, where the last one had traded lower as expected and closed in red. The market is currently expected to continue on the bearish momentum based on the price action, once break below the current support holding near 280. The downside rally could be testing all the way through 275-270 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 300.

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Enrich Financial

Published on 21/01/2022 3:21:40 PM

COPPER

Technical outlook

Copper Jan 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 higher and closed in green 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 763. The upside rally could be testing all the way up to 766-769 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 751.

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Enrich Financial

Published on 20/01/2022 1:58:04 PM

ZINC

Technical outlook

Zinc Jan future 4hr Chart has formed "Rising wedge" pattern. The last few sessions ended up sideways 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 295. The upside rally could be testing all the way up to 297-299 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 292. A slide to 290-288 is also a possibility if the price makes or break below the current support level.

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Enrich Financial

Published on 20/01/2022 1:57:56 PM

SILVER

Technical outlook

MCX Silver Mar futures technical chart has taken the formation of "Rising channel" 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 higher and closed in 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 64600. The upside rally could be extending all the way up to 65200-65800 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 62800.

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Enrich Financial

Published on 20/01/2022 1:57:44 PM

NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Falling channel” pattern. Over the last few sessions, we have seen some sideways movements, where the last one had traded lower and closed in red. The market is currently expected to continue on the bearish momentum based on the price action, once break below the current support holding near 300. The downside rally could be testing all the way through 295-290 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 325.

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SEBI Registration number is INZ000078632

Enrich Financial

Published on 20/01/2022 1:57:33 PM

COPPER

Technical outlook

Copper Jan future 4hr chart has formed "Rising channel" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded higher and closed in green 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 751. The upside rally could be testing all the way up to 754-757 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 742.

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Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632