Copper, Natural Gas, Silver and Zinc Commodity Report Of 16/12/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Dec future 4hr chart has formed "Descending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded lower and yet closed in almost 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 731. The upside rally could be testing all the way up to 734-737 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 722.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rounded Top chart” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded higher and closed in green. The market is expected to continue on the bullish momentum based on the price action, once break above the current resistance holding near 300. The upside rally could be testing all the way through 305-310 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 280.
Technical Chart
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SILVER
Technical outlook
MCX Silver Mar futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded lower and closed in red. Although the live market has opened on a gap up formation. 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 61600. The upside rally could be extending all the way up to 62200-62800 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 61000. A slide to 60400-59800 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 Dec future 4hr Chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways in overall, where the last session has traded higher and closed in green. 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 278. The upside rally could be testing all the way up to 280-282 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 274. A slide to 272 is also a possibility if the price makes or break below the current support level.
Technical Chart
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