Copper, Natural Gas, Silver and Zinc Commodity Report Of 05 /05/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper May future 2hr chart has formed "Rising channel" pattern. The last session ended up sideways mode testing near the 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 765. The upside rally could be testing all the way up to whole new 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 759. A slide to 756 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 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 the bearish momentum based on the price action, once break below a key support holding near 217. The downside rally could be testing all the way through 214-211 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 220. A slide to 223-226 is also a possibility if the price makes or break above the current resistance 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 session ended up in bullish 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 69100. The downside rally could be extending all the way up to 68300-67500 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 69900. A slide to 70700-71500 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 along with some corrections inside the channel. 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 234. The downside rally could be testing all the way up to 232.50-231 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 237. A slide to 238.50 is also possibility if the price makes or break above the current resistance level.
Technical Chart
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