Copper, Natural Gas, Silver and Zinc Commodity Report Of 04/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future 4hr 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 bullish momentum based on the current price action, once the same break above the current key resistance holding near 740.
The upside rally could be testing all the way up to 743- 746 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 736. A slide to 733-730 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 daily 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 301.
The upside rally could be testing all the way through 304-307 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 292.
Technical Chart
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SILVER
Technical outlook
MCX Silver Sept futures technical chart has taken the formation of "Falling channel" pattern in 4hr time frame. Last few sessions ended up 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 68000.
The upside rally could be extending all the way up to 68400-68700 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 67700. A slide to 67400-67000 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 Aug future daily Chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel, reaching new historical high once again. 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 245.
The downside rally could be testing all the way up to 243.50-242 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 247. A slide to 248.50-250 level is a possibility if the price makes or break above the current resistance level.
Technical Chart
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