Copper, Natural Gas, Silver and Zinc Commodity Report Of 11/05/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper May future 2hr chart has formed "Ascending broadening wedge" pattern. The last session ended up sideways mode along with some corrections creating new historical high. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the current key resistance holding near 785. The downside rally could be testing all the way up to 782-779 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 791. A slide to 794 is also a possibility if the price makes or break above the current key resistance level.
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 bearish momentum based on the price action, once break below a key support holding near 214. The downside rally could be testing all the way through 211-208 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 218. A slide to 221-224 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 July futures technical chart has taken the formation of "Rising wedge" pattern in 4hr 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 71300. The downside rally could be extending all the way up to 70500-69700 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 72100. A slide to 72900-73700 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 May future 4hr Chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways 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 234.50. The downside rally could be testing all the way up to 233-231.50 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 237.50. A slide to 239 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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