Copper, Natural Gas, Silver and Zinc Commodity Report Of 16/03/2021 - Enrich Commodities
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Copper
Technical outlook
Copper March future 2hr chart has formed "Bullish pennant chart" pattern. The last few sessions ended 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 key support holding near 676. The downside rally could be testing all the way up to 673-670 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 685.
Technical Chart
NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Falling 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 momentum based on the price action, once break below a key support holding near 180. The downside rally could be testing all the way through 177-174 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 189.
Technical Chart
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SILVER
Technical outlook
MCX Silver May futures technical chart has taken the formation of "Descending broadening 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 68000. The upside rally could be extending all the way up to 68800-69600 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 67200. A slide to 66400- 65600 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 march future 4hr Chart has formed "Bullish pennant chart" 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 term based on the current price action, once the same breaks above a key resistance holding near 221. The upside rally could be testing all the way up to 222.50-224 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 219.50. A slide to 218-216.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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