Copper, Natural Gas, Silver and Zinc Commodity Report Of 07/01/2022 - 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 733. The downside rally could be testing all the way up to 730-727 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 742.
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 red. 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 lower and closed in red. 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 60200. The downside rally could be extending all the way up to 59600-59000 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 60800. A slide to 61400-62000 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 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 yet closed in slight green. The market is expected to continue on the bullish term based on the current price action, once the same breaks above the current key resistance holding near 291. The upside rally could be testing all the way up to 293-295 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways. Key support holds at 285.
Technical Chart
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