Copper, Natural Gas, Silver and Zinc Commodity Report Of 08/10/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Oct future 2hr chart has formed "Rising 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 725. The upside rally could be testing all the way up to 728-731 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 719. A slide to 716 is also a possibility if the price makes or break below the current support level.
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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 rapid movements, where the last one had traded a higher and closed in red. After testing a historical high. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 420. The downside rally could be testing all the way through 415-410 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 435.
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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 a little higher 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 61400. The upside rally could be extending all the way up to 62000-62600 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 60200. A slide to 59600 is also a possibility if the price makes or break below the current support level.
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ZINC
Technical outlook
Zinc Oct future daily Chart has formed "Ascending broadening wedge" pattern. The last session ended up sideways with few corrections, traded 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 261. The upside rally could be testing all the way up to 262.50- 264 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 256.50.
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