Copper, Natural Gas, Silver and Zinc Commodity Report Of 15 /06/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper June future 4hr chart has formed "Descending Triangle" 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 744. The downside rally could be testing all the way up to 741- 738 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 750. A slide to 753 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 “Rising channel” pattern. The last few sessions ended up bullish 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 244.50. The upside rally could be testing all the way through 247-250 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 241. A slide to 238-235 is also a possibility if the price makes or break below the current support level.
Technical Chart
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SILVER
Technical outlook
MCX Silver July futures technical chart has taken the formation of "Symmetrical triangle" pattern in 2hr 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 72000. The upside rally could be extending all the way up to 72600-73200 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 71400. A slide to 70800-70200 is also a possibility if the price makes or break below the current support level.
Technical Chart
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ZINC
Technical outlook
Zinc June future 2hr Chart has formed "Ascending broadening wedge" pattern. The last session ended up sideways testing near historical high 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 243.50. The upside rally could be testing all the way up to whole new 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 242. A slide to 240.50-239 is also a possibility if the price makes or break below the current support level.
Technical Chart
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