Copper, Natural Gas, Silver and Zinc Commodity Report Of 05/02/2021 By - Enrich Commodities
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COPPER
Technical outlook
Copper Feb future daily chart has formed "Falling 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 598. The upside rally could be testing all the way up to 601- 604 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 595. A slide to 592- 589 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 “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 bullish momentum based on the price action, once break above a key resistance holding near 211. The upside rally could be testing all the way through 214-217 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 202.
Technical Chart
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SILVER
Technical outlook
MCX Silver March futures technical chart has taken the formation of "Rising 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 bearish momentum 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 65900-65100 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 68300. A slide to 69100 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 Feb future 4hr Chart has formed "Descending 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 210.50. The upside rally could be testing all the way up to 212-213.50 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 209. A slide to 207.50-206 is also a possibility if the price makes or break below the current support level.
Technical Chart
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