Copper, Natural Gas, Silver and Zinc Commodity Report Of 16/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future 4hr chart has formed "Descending broadening wedge" pattern. There were some corrections within the channel in the last few sessions while the market remained sideways. 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 735.
The upside rally could be testing all the way up to 738-741 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 729. A slide to 726 is also a possibility if the price makes or break below the current support level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Rectangle chart” pattern. Over the last few sessions, we have seen sideways movement along with a few 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 287.
The downside rally could be testing all the way through 284-281 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 293. A slide to 296 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 "Falling channel" pattern in daily time frame. There have been a few sideways sessions along with slight corrections retesting near the channel’s support line. 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 63400.
The upside rally could be extending all the way up to 64000-64600 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 62200. A slide to 61600 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 Aug future daily Chart has formed "Rising channel" 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 the current key resistance holding near 250.50.
The upside rally could be testing all the way up to 252-253.50 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 bullish/sideways. Key support holds at 248.50. A slide to 247-245.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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