Copper, Natural Gas, Silver and Zinc Commodity Report Of 06/01/2022 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Jan future 4hr chart has formed "Rising channel" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded lower and closed in red for the last session. 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 742. The downside rally could be testing all the way up to 739-736 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 751.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Falling channel” pattern. Over the last few sessions, we have seen some sideways movements, where the last one had traded higher and closed in slight green. The market is currently expected to continue on the bullish momentum based on the reversal price action, once break above the current resistance holding near 290. The upside rally could be testing all the way through 295-300 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 270.
Technical Chart
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SILVER
Technical outlook
MCX Silver Mar futures technical chart has taken the formation of "Falling channel" pattern in 4hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded sideways and closed in green. 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 62400. The upside rally could be extending all the way up to 63000-63600 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 61600. A slide to 61000-60400 is also a possibility if the price makes or break below the current support level.
Technical Chart
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ZINC
Technical outlook
Zinc Jan future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways in overall, where the last session has traded lower and closed in red. 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 289. The downside rally could be testing all the way up to 287-285 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 293. A slide to 295 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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