Copper, Natural Gas, Silver and Zinc Commodity Report Of 03/03/2022 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Mar future daily chart has formed "Ascending broadening wedge" pattern. There were few random movements within the channel in the last few sessions, while the market has traded higher and closed in green for the last session. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 799. The upside rally could be testing all the way up to 802-805 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 790.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Descending broadening wedge” pattern. Over the last few sessions, we have seen some random movements, where the last one had traded higher and closed in green. The market is currently expected to continue on the bullish momentum based on the gap up today, once break above the current resistance holding near 360. The upside rally could be testing all the way through 365-370 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 340.
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SILVER
Technical outlook
MCX Silver May futures technical chart has taken the formation of "Rectangle chart" 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 higher and yet closed in slight red. current market is expected to continue on bearish trend based on the current price action, once the same break below the key support level holding near 66700. The downside rally could be extending all the way up to 66100-65500 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 67300. A slide to 67900-68500 is also a possibility if the price makes or break above the current resistance level.
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ZINC
Technical outlook
Zinc Mar future daily chart has formed "Rising channel" pattern. The last few sessions ended up bullish in overall, where the last session has traded higher yet again 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 321. The upside rally could be testing all the way up to 323-325 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 315
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