Copper, Natural Gas, Silver and Zinc Commodity Report Of 08/09/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Sept future Daily chart has formed "Falling wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has closed in slight red on last one. 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 709. The downside rally could be testing all the way up to 706-703 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 718.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rising channel” pattern. Over the last few sessions, we have seen some sideways movements along with few corrections, where the last one had traded lower and closed in red. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 335. The downside rally could be testing all the way through 332-329 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 341. A slide to 344 is also a possibility if the price makes or break above the current resistance level.
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SILVER
Technical outlook
MCX Silver Dec 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 on a gap up formation 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 64300. The downside rally could be extending all the way up to 63700-63100 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 65500. A slide to 66100 is also a possibility if the price makes or break above the current resistance level.
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ZINC
Technical outlook
Zinc Sept future daily Chart has formed "Rising wedge" pattern. The last session ended up bullish, traded little higher within the channel. 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 249.50. The upside rally could be testing all the way up to 251-252.50 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 245.
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