Copper, Natural Gas, Silver and Zinc Commodity Report Of 12/11/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Nov future 4hr chart has formed "Descending broadening wedge" pattern. There were few bearish rallies within the channel in the last few sessions, while the market has traded sideways and closed in slight green for the last session. 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 740. The upside rally could be testing all the way up to 743-746 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 731.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Falling channel” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded a little higher and closed in slight green. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 380. The upside rally could be testing all the way through 385-390 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 365.
Technical Chart
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Rising wedge" pattern in daily time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded higher and closed in green. 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 67300. The upside rally could be extending all the way up to 67900-68500 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 66100. A slide to 65500 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 Nov future 4hr Chart has formed "Falling channel" pattern. The last few sessions ended up bearish in overall, where the last session has traded sideways and closed in red. 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 277. The downside rally could be testing all the way up to 275-273 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 281. A slide to 283 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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