Copper, Natural Gas, Silver and Zinc Commodity Report Of 15/09/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Sept future 4hr chart has formed "Right angled ascending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has closed in slight red on last one. 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 719. The downside rally could be testing all the way up to 716-713 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 725. A slide to 728 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 “Ascending broadening wedge” pattern. Over the last few sessions, we have seen some bullish movements along with few corrections, where the last one had also traded higher, meeting another historical high yet again and closed in green. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 393. The upside rally could be testing all the way through 396-399 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 384.
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. There have been a few bearish sessions along with slight corrections within the channel, where the last one has traded little higher and closed in green. 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 63800. The upside rally could be extending all the way up to 64400-65000 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 63200. A slide to 62600- 62000 is also a possibility if the price makes or break below the current support level.
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ZINC
Technical outlook
Zinc Sept future daily Chart has formed "Rising wedge" pattern. The last session ended up bearish with corrections, traded lower in a form of a spinning top candlestick. 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 251. The downside rally could be testing all the way up to 249.50-248 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. A slide to 254-255.50 is also possibility if the price makes or break above the current resistance level.
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