Copper, Natural Gas, Silver and Zinc Commodity Report Of 15/10/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Oct future 4hr chart has formed "Ascending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded higher and closed in green for the last session. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 778. The upside rally could be testing all the way up to 781-784 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might revise the trend to bearish/sideways mode. Key support holds at 772. A slide to 769 is also a possibility if the price makes or break below the current support 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 higher and closed in strong green after 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 440. The upside rally could be testing all the way through 445-450 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 420.
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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 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 63700. The upside rally could be extending all the way up to 64300-64900 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 63100. A slide to 62500-61900 is also a possibility if the price makes or break below the current support level.
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ZINC
Technical outlook
Zinc Oct future daily Chart has formed "Rising wedge" pattern. The last session ended up bullish, traded higher on a long gap up formation by creating a new historical high yet again 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 295.50. The upside rally could be testing all the way up to 297-299 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 291.
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