Copper, Natural Gas, Silver and Zinc Commodity Report Of 03 /05/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper May future 4hr chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode testing near new historical high. The market is still expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 756. The upside rally could be testing all the way up to 759-762 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might revise the trend to bearish/sideways mode. Key support holds at 750. A slide to 747 is also a possibility if the price makes or break below the current support level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 2hr chart has formed “Ascending 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 bullish momentum based on the price action, once break above a key resistance holding near 219. The upside rally could be testing all the way through 222-225 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 216. A slide to 213-210 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 July futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. Last few sessions ended up in bearish 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 68000. The downside rally could be extending all the way up to 67200-66400 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 68800. A slide to 69600-70400 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 April future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode near new historical high. 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 231.50. The downside rally could be testing all the way up to 230- 218.50 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 233. A slide to 234.50-236 is also possibility if the price makes or break above the key resistance level.
Technical Chart
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