Copper, Natural Gas, Silver and Zinc Commodity Report Of 13/05/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper May future 4hr 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 support holding near 788. The downside rally could be testing all the way up to 785-782 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 797.
Technical Chart
NATURAL GAS
Technical outlook
Natural gas 4hr 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 momentum based on the price action, once break above a key resistance holding near 219. The upside rally could be testing all the way through 222-225 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 215. A slide to 212-209 is also a possibility if the price makes or break below the current support level.
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 70900. The downside rally could be extending all the way up to 70100-69300 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 71900. A slide to 72700-73500 is also a possibility if the price makes or break above the current resistance level.
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.
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