Copper, Natural Gas, Silver and Zinc Commodity Report Of 01/11/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Nov future 4hr chart has formed "Falling wedge" pattern. There were few bearish rallies within the channel in the last few sessions, while the market has traded lower and closed in red for the last session. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 743. The downside rally could be testing all the way up to 740- 737 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 752.
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Ascending broadening wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded lower and closed in strong red. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 405. The downside rally could be testing all the way through 400-395 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 420.
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Descending broadening wedge" 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 lower and closed in red. 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 64400. The downside rally could be extending all the way up to 63800-63200 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 65000. A slide to 65600-66200 is also a possibility if the price makes or break above the current resistance level.
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ZINC
Technical outlook
Zinc Nov future 4hr Chart has formed "Falling channel" pattern. The last few sessions ended up as bearish in overall, where the last session has traded little 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 288. The upside rally could be testing all the way up to 290-292 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 282.
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