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Enrich Commodities India Pvt.Ltd

Published on 9/07/2020 11:48:00 AM

ZINC

Technical outlook

Zinc July 2hr Chart has formed "Rising channel" pattern. The last few sessions ended up in sideways trend inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding at 167. The upside rally could be testing all the way up to 169 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might revise the trend to bearish/sideways. Key support holds at 165.20.

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Enrich Commodities India Pvt.Ltd

Published on 9/07/2020 11:47:47 AM

SILVER

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Rising channel" pattern in daily time frame. Last few sessions ended up in sideways mode, retesting near the channel’s resistance line. The market is expected to continue on bullish momentum, once breaking above a key resistance level holding near 50900. The upside rally could be extending all the way up to 51300-51700 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break above resistance level, then it might retest the same and revise the trend to bearish/sideways mode. Key support holds at 49800.

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Enrich Commodities India Pvt.Ltd

Published on 9/07/2020 11:47:36 AM

NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Falling channel” pattern. The last few sessions ended up in sideways trend inside the channel. The market is expected to continue on bearish momentum based on the price action, once the same breaks below a key support level holding near 138.50. The downside rally could be testing all the way through 135.50-132 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 141.50.

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Enrich Commodities India Pvt.Ltd

Published on 9/07/2020 11:47:20 AM

COPPER

Technical outlook

Copper July daily chart has formed "Rising channel" pattern. The last few sessions ended up in 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 breaks above a key resistance holding at 478. The upside rally could be testing all the way through 481-484 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish/sideways mode. Key support holds at 469.

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Enrich Commodities India Pvt.Ltd

Published on 8/07/2020 2:07:47 PM

Zinc

Technical outlook

Zinc July 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up in sideways trend inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding at 165.20. The upside rally could be testing all the way up to 167 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might revise the trend to bearish/sideways. Key support holds at 162.20.

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Enrich Commodities India Pvt.Ltd

Published on 8/07/2020 2:07:36 PM

Silver

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Rising wedge" pattern in 4hr time frame. Last few sessions ended up in sideways mode, retesting near the channel’s resistance line. The market is expected to continue on bullish momentum, once breaking above a key resistance level holding near 50350. The upside rally could be extending all the way up to 50700-51000 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break above resistance level, then it might retest the same and revise the trend to bearish/sideways mode. Key support holds at 49350.

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Enrich Commodities India Pvt.Ltd

Published on 8/07/2020 2:07:25 PM

Natural Gas

Technical outlook

Natural gas 4hr chart has formed “Megaphone chart” pattern. The last few sessions ended up in sideways trend inside the channel. The market is expected to continue on bullish momentum based on the price action, once the same breaks above a stiff resistance level holding near 144. The upside rally could be testing all the way through 147-150 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 134.

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Enrich Commodities India Pvt.Ltd

Published on 8/07/2020 2:07:11 PM

Copper

Technical outlook

Copper July 2hr chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up in sideways 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 breaks above a key resistance holding at 475.50. The upside rally could be testing all the way through 479-482 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish/sideways mode. Key support holds at 467.

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Enrich Commodities India Pvt.Ltd

Published on 8/07/2020 1:56:43 PM

Crude Oil

Technical outlook

MCX Crude Oil technical chart has taken the formation of "Symmetrical triangle" pattern in 4hr time frame. Previously few sessions ended up in sideways mode inside the pattern. As per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will be confirmed once the prices breaks above a stiff resistance holding near 3075. The positive rally could be testing all the way up to 3150-3220 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 2980.

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Enrich Commodities India Pvt.Ltd

Published on 8/07/2020 1:53:21 PM

Gold

Technical outlook

MCX Gold Aug futures technical chart has taken the formation of “Rising channel” pattern in 4hr time frame. Last few sessions ended up in sideways mode retesting near the channel’s support line, where the market is expected to revise the trend to bullish momentum based on current price action. The continuation of the trend will be confirmed once the prices breaks above a key resistance level holding near 48830. The positive rally could be extending all the way up to 48990 and further 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. Key support holds near 48620.

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