Copper, Natural Gas, Silver and Zinc Commodity Report Of 06 /05/2021 - Enrich Commodities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
COPPER
Technical outlook
Copper May future 4hr chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways mode testing near the new historical high. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 759. The downside rally could be testing all the way up to 756-753 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 765. A slide to 768 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
To Read Complete Report & Disclaimer Click Here
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
To Read Complete Report & Disclaimer Click Here
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 bullish momentum based on the current price action, once the same break above the key resistance level holding near 69900. The upside rally could be extending all the way up to 70700-71500 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 69100. A slide to 68300-67500 is also a possibility if the price makes or break below the current support level.
Technical Chart
To Read Complete Report & Disclaimer Click Here
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 232. The downside rally could be testing all the way up to 230.50-229 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 236.50.
Technical Chart
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
