Copper, Natural Gas, Silver and Zinc Commodity Report Of 05/03/2021 By - Enrich Commodities
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COPPER
Technical outlook
Copper March future 2hr chart has formed "Descending broadening wedge" pattern. The last few sessions ended sideways mode along with some corrections inside the channel. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the key support holding near 669. The downside rally could be testing all the way up to 666-663 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 675. A slide to 678 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Falling channel” 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 200. The downside rally could be testing all the way through 197-194 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 206. A slide to 209 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 May futures technical chart has taken the formation of "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 bearish momentum based on the current price action, once the same break below the key support level holding near 65600. The downside rally could be extending all the way up to 64800-64000 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 68000.
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ZINC
Technical outlook
Zinc march future daily Chart has formed "Megaphone chart" 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 term based on the current price action, once the same breaks below a key support holding near 213. The downside rally could be testing all the way up to 211.50-210 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 216. A slide to 217.50 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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