Copper, Natural Gas, Silver and Zinc Commodity Report Of 12/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future 4hr chart has formed "Descending broadening wedge" pattern. There were some bearish 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 730. A slide to 727 is also a possibility if the price makes or break below the current support level.
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 303.
The upside rally could be testing all the way through 306-309 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 299. A slide to 296-293 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 sideways sessions along with slight corrections retesting near the channel’s support line. 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 63100.
The upside rally could be extending all the way up to 63700-64300 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 62500. A slide to 61900- 61300 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 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 252.
The upside rally could be testing all the way up to 253.50 & furthermore new 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 249. A slide to 247.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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