Copper, Natural Gas, Silver and Zinc Commodity Report Of 11/08/2021 - 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 bullish momentum based on the current price action, once the same break above the current key resistance holding near 736.
The upside rally could be testing all the way up to 739-742 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 727.
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, yet market remains bullish in overall. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 305.
The upside rally could be testing all the way through 308-311 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 302. A slide to 299-296 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 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 last few sessions 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 62500.
The downside rally could be extending all the way up to 61900-61300 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 63100. A slide to 63700- 64300 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 bullish term based on the current price action, once the same breaks above the current key resistance holding near 249. The upside rally could be testing all the way up to 250.50-252 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 246. A slide to 244.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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