Copper, Natural Gas, Silver and Zinc Commodity Report Of 12/05/2021 - 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 bullish momentum based on the current price action, once the same break above the current key resistance holding near 800. The upside rally could be testing all the way up to 803-806 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 791.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 2hr chart has formed “Falling 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 218. The upside rally could be testing all the way through 221-224 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 214. A slide to 211-208 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 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 bullish momentum based on the current price action, once the same break above the key resistance level holding near 72100. The upside rally could be extending all the way up to 72900-73700 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 71300. A slide to 70500-69700 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 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 bullish term based on the current price action, once the same breaks above the current key resistance holding near 237.50. The upside rally could be testing all the way up to 239-240.50 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 234.50. A slide to 233 is also a possibility if the price makes or break below the current support level.
Technical Chart
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