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01-04-2022 10:34 AM | Source: Enrich Financial Solution Pvt Ltd
Copper, Natural Gas, Silver and Zinc Commodity Report Of 04/01/2022 - Enrich Financial Solution
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COPPER

Technical outlook

Copper Jan future 4hr chart has formed "Rising channel" pattern. There were few sideways 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.

Technical Chart

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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 sideways movements, where the last one had traded lower and yet closed in green. The market is currently expected to continue on the bullish momentum based on the reversal price action, once break above the current resistance holding near 290. The upside rally could be testing all the way through 295-300 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 270.

Technical Chart

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SILVER

Technical outlook

MCX Silver Mar futures technical chart has taken the formation of "Symmetrical triangle" pattern in 4hr 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 61500. The downside rally could be extending all the way up to 60900-60300 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 62700. A slide to 63300 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 Dec future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways 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 285. The downside rally could be testing all the way up to 283-281 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 289. A slide to 291 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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