Copper, Natural Gas, Silver and Zinc Commodity Report Of 11/02/2021 By - Enrich Commodities
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COPPER
Technical outlook
Copper Feb 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 still expected to continue on bullish momentum based on the current price action, once the same break above the key resistance holding near 639. The upside rally could be testing all the way up to whole new 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 630.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 215. The upside rally could be testing all the way through 218-221 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 209. A slide to 206 is also a possibility if the price makes or break below the current support level.
Technical Chart
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SILVER
Technical outlook
MCX Silver March futures technical chart has taken the formation of "Rising channel" pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside 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 68500. The downside rally could be extending all the way up to 67700-66900 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 70100. A slide to 70900 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 Feb future 2hr Chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding near 217.50. The upside rally could be testing all the way up to 219-220.50 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 216. A slide to 214.50-213 is also a possibility if the price makes or break below the current support level.
Technical Chart
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