Copper, Natural Gas, Silver and Zinc Commodity Report Of 01 /06/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper June future 4hr chart has formed "Descending broadening 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 767. The downside rally could be testing all the way up to 764-761 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 773. A slide to 776 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 “Rising channel” 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 momentum based on the price action, once break above a key resistance holding near 223. The upside rally could be testing all the way through 226-229 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 214.
Technical Chart
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SILVER
Technical outlook
MCX Silver July futures technical chart has taken the formation of "Rising wedge" pattern in daily time frame. 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 break above the key resistance level holding near 72200. The upside rally could be extending all the way up to 72800-73400 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 71600. A slide to 71000-70400 is also a possibility if the price makes or break below the current support level.
Technical Chart
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ZINC
Technical outlook
Zinc June future daily Chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below the current key support holding near 236. The downside rally could be testing all the way up to 234.50-233 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways. Key resistance holds at 239. A slide to 240.50 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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