Copper, Natural Gas, Silver and Zinc Commodity Report Of 10/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future daily chart has formed "Symmetrical triangle" pattern. There were some corrections within the channel in the last few sessions while the market remained sideways. 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 724.
The downside rally could be testing all the way up to 721- 718 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 733.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Ascending triangle” pattern. Over the last few sessions, we have seen sideways movement along with a few corrections inside the channel. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 300.
The downside rally could be testing all the way through 297-294 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 303. A slide to 306-309 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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SILVER
Technical outlook
MCX Silver Sept futures technical chart has taken the formation of "Falling channel" pattern in daily time frame. There have been a few strong bearish sessions in the past few days along with slight corrections in the channel. 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 62600.
The downside rally could be extending all the way up to 62000-61400 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 63600. A slide to 64200-64800 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 Aug future daily Chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. 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 244.
The downside rally could be testing all the way up to 242.50-241 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 247. A slide to 248.50 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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