Copper, Natural Gas, Silver and Zinc Commodity Report Of 09 /07/2021 - Enrich Financial Solution
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Copper
Technical outlook
Copper July future 2hr chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 719. The downside rally could be testing all the way up to 716-713 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 725. A slide to 728 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Ascending broadening wedge” pattern. The last session ended up sideways mode along with some corrections inside the channel, near a new high after a long term. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 277. The upside rally could be testing all the way through 280-283 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 268.
Technical Chart
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SILVER
Technical outlook
MCX Silver Sept futures technical chart has taken the formation of "Descending Triangle" 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 68800.
The downside rally could be extending all the way up to 68200-67600 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 resistance holds near 69400. A slide to 70000-70600 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 July future daily Chart has formed "Megaphone chart" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. 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 240.50. The upside rally could be testing all the way up to 242-243.50 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 237.50. A slide to 236 is also a possibility if the price makes or break below the current support level.
Technical Chart
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