Copper, Natural Gas, Silver and Zinc Commodity Report Of 14 /05/2021 - Enrich Commodities
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
COPPER
Technical outlook
Copper May future 2hr 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 778. The downside rally could be testing all the way up to 775- 772 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 787.
Technical Chart
To Read Complete Report & Disclaimer Click Here
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 220. The upside rally could be testing all the way through 223-226 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 217. A slide to 214-211 is also a possibility if the price makes or break below the current support level.
Technical Chart
To Read Complete Report & Disclaimer Click Here
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 bullish momentum based on the current price action, once the same break above the key resistance level holding near 70700. The upside rally could be extending all the way up to 71300-71900 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 70100. A slide to 69550-69000 is also a possibility if the price makes or break below the current support level.v
Technical Chart
To Read Complete Report & Disclaimer Click Here
ZINC
Technical outlook
Zinc May future 2hr Chart has formed "Right angled descending 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 231. The upside rally could be testing all the way up to 232.50-234 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 229. A slide to 227.50-226 is also a possibility if the price makes or break below the current support level.
Technical Chart
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
