Copper, Natural Gas, Silver and Zinc Commodity Report Of 07/12/2021 - 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 higher and closed in green for the last session. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 737. The upside rally could be testing all the way up to 740-743 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might revise the trend to bearish/sideways mode. Key support holds at 725.
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 lower and closed in red ending up near a strong support. The market is expected to continue on the bearish momentum based on the price action, once break below the strong support holding near 275. The downside rally could be testing all the way through 270-265 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 300.
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 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 61000. The downside rally could be extending all the way up to 60400-59800 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 61700. A slide to 62300-62900 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 Dec future 4hr Chart has formed "Descending broadening wedge" pattern. The last few sessions ended up bearish in overall, where the last session has traded sideways and 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 270. The upside rally could be testing all the way up to 272-274 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 266. A slide to 264 is also a possibility if the price makes or break below the current support level.
Technical Chart
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