Copper, Natural Gas, Silver and Zinc Commodity Report Of 01/02/2021 By - Enrich Commodities
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COPPER
Technical outlook
Copper Feb future 4hr chart has formed "Falling 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 key support holding near 593. The downside rally could be testing all the way up to 590-587 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 599. A slide to 602 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 “Descending broadening wedge” pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 190. The downside rally could be testing all the way through 187-184 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 199.
Technical Chart
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SILVER
Technical outlook
MCX Silver March futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. Last few sessions ended up in 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 69500. The downside rally could be extending all the way up to 68700-67900 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 70300. A slide to 71100- 71900 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 daily future daily Chart has formed "Ascending broadening wedge" pattern. The last session ended up bullish on a long gap down formation 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 near 205.50. The upside rally could be testing all the way up to 207-208.50 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 201.
Technical Chart
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