Copper, Natural Gas, Silver and Zinc Commodity Report Of 14/07/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper July future 2hr chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. 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 724. The downside rally could be testing all the way up to 721-718 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 730. A slide to 733 is 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 “Rising channel” pattern. The last session ended up sideways mode along with some corrections inside the channel, near a new high after a long term. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 274. The downside rally could be testing all the way through 271-268 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 280. 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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SILVER
Technical outlook
MCX Silver Sept futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. Last few sessions ended up 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 68900.
The downside rally could be extending all the way up to 68300-67700 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 69500. A slide to 70100-70700 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 July future daily Chart has formed "Rising wedge" 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 239.
The downside rally could be testing all the way up to 237.50-236 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 242. A slide to 243.50 level is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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