Copper, Natural Gas, Silver and Zinc Commodity Report Of 06/12/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Dec future daily chart has formed "Right angled ascending broadening wedge" 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 720. The downside rally could be testing all the way up to 717-714 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 729.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rounded Top chart” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded sideways and closed in green inside the formation. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 325. The upside rally could be testing all the way through 330-335 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 310.
Technical Chart
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SILVER
Technical outlook
MCX Silver Mar futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded lower and closed almost flat. 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 60900. The upside rally could be extending all the way up to 61500-62100 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 60300. A slide to 59700-59100 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 Dec future 4hr Chart has formed "Falling channel" pattern. The last few sessions ended up bearish 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 267. The downside rally could be testing all the way up to 265-263 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 273.
Technical Chart
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