Copper, Natural Gas, Silver and Zinc Commodity Report Of 01/12/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Dec future daily chart has formed "Right angled ascending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded lower and closed in slight green 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 728. The downside rally could be testing all the way up to 725-722 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 740.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rounded top chart” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded lower and closed in red inside the formation. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 335. The downside rally could be testing all the way through 330-325 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 365.
Technical Chart
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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 62100. The downside rally could be extending all the way up to 61500-60900 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 63300. A slide to 63900 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 Nov future 4hr Chart has formed "Descending broadening wedge" pattern. The last few sessions ended up bearish in overall, where the last session has traded lower and closed in red. 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 269. The downside rally could be testing all the way up to 267-265 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 276.
Technical Chart
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