Copper, Natural Gas, Silver and Zinc Commodity Report Of 13/10/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Oct future 4hr chart has formed "Rising wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded lower and closed in slight red for the last session. 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 733. The downside rally could be testing all the way up to 730-727 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 738. A slide to 741-744 is also a possibility if the price makes or break above the current resistance level.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rising channel” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded lower and closed in green retesting near the channel’s support line. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 415. The upside rally could be testing all the way through 420-425 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 400.
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Rising wedge" pattern in 2hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded sideways but closed in slight red. 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 61500. The downside rally could be extending all the way up to 60900-60300 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 62100. A slide to 62700-63300 is also a possibility if the price makes or break above the current resistance level.
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ZINC
Technical outlook
Zinc Oct future daily Chart has formed "Rising wedge" pattern. The last session ended up sideways with few corrections, traded higher and closed in green within 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 270. The upside rally could be testing all the way up to 271.50-273 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 265.50.
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