Copper, Natural Gas, Silver and Zinc Commodity Report Of 13/08/2021 - Enrich Financial Solution pvt ltd
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COPPER
Technical outlook
Copper Aug future 4hr chart has formed "Descending broadening wedge" pattern. There were some corrections within the channel in the last few sessions while the market remained bearish. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 728.
The downside rally could be testing all the way up to 725-722 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 734. A slide to 737 is also a possibility if the price makes or break above the current resistance 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. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 290.
The downside rally could be testing all the way through 287-274 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and turn bullish/sideways once again. Key resistance holds at 296. A slide to 299 is also a possibility if the price makes or break above the current resistance 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 testing near the channel’s support line. 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 61600.
The downside rally could be extending all the way up to 61000-60400 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 62800. A slide to 63400 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 bearish term based on the current price action, once the same breaks below the current key support holding near 248.
The downside rally could be testing all the way up to 246.50-245 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 252.50.
Technical Chart
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