Copper, Natural Gas, Silver and Zinc Commodity Report Of 02/02/2021 By - Enrich Commodities
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COPPER
Technical outlook
Copper Feb future 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 still expected to continue on bearish momentum based on the current price action, once the same break below the key support holding near 592. The downside rally could be testing all the way up to 589-586 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 601.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 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 expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 210. The upside rally could be testing all the way through 213-216 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 204. A slide to 201 is also a possibility if the price makes or break below the current support level
Technical Chart
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SILVER
Technical outlook
MCX Silver March futures technical chart has taken the formation of "Rising channel" 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 74300. The upside rally could be extending all the way up to 75100-75900 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 71900.
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 bearish after retesting the channel’s support line. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding near 204. The downside rally could be testing all the way up to 202.50-201 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 208.50.
Technical Chart
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