Copper, Natural Gas, Silver and Zinc Commodity Report Of 05/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future 4hr chart has formed "Ascending broadening wedge" pattern. There were some corrections within the channel in the last few sessions while the market remained bearish. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 728.
The downside rally could be testing all the way up to 725-722 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 734. A slide to 737 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 daily chart has formed “Ascending broadening wedge” pattern. Over the last few sessions, we have seen sideways movement along with a few 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 311.
The upside rally could be testing all the way through 314- 317 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 302.
Technical Chart
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SILVER
Technical outlook
MCX Silver Sept futures technical chart has taken the formation of "Rising channel" pattern in 4hr time frame. There have been a few sideways sessions in the past few days along with some corrections in 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 67200.
The downside rally could be extending all the way up to 66600-66000 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 68400. A slide to 69000 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 Aug future daily Chart has formed "Rising 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 term based on the current price action, once the same breaks below the current key support holding near 244.
The downside rally could be testing all the way up to 242.50-241 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 level is a possibility if the price makes or break above the current resistance level.
Technical Chart
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