Copper, Natural Gas, Silver and Zinc Commodity Report Of 10/01/2022 - 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 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 742. The upside rally could be testing all the way up to 745-748 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 733.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Falling wedge” pattern. Over the last few sessions, we have seen some sideways movements, where the last one had traded higher and closed in green. 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 295. The upside rally could be testing all the way through 300-305 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 275
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 yet 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 60800. The upside rally could be extending all the way up to 61400-62000 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 59600-59000 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 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 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 286. The downside rally could be testing all the way up to 284-282 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 292
Technical Chart.
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