Copper, Natural Gas, Silver and Zinc Commodity Report Of 04/02/2021 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 bullish momentum based on the current price action, once the same break above the key resistance holding near 599. The upside rally could be testing all the way up to 602-605 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 590.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Descending 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 bearish momentum based on the price action, once break below a key support holding near 202. The downside rally could be testing all the way through 199-196 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 211.
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SILVER
Technical outlook
MCX Silver March futures technical chart has taken the formation of "Right angled ascending broadening wedge" 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 68900. The upside rally could be extending all the way up to 69700-70500 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 resistance holds near 67300. A slide to 66500 is also a possibility if the price makes or break below the current support level.
Technical Chart
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Zinc
Technical outlook
Zinc Feb future daily Chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways mode after retesting near the channel’s support line. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding near 210. The upside rally could be testing all the way up to 211.50-213 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 205.50.
Technical Chart
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