Copper, Natural Gas, Silver and Zinc Commodity Report Of 17 /06/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper June future 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 still expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 724. The upside rally could be testing all the way up to 727-730 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 715.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr 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 momentum based on the price action, once break above a key resistance holding near 239. The upside rally could be testing all the way through 242-245 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 235. A slide to 232-229 is also a possibility if the price makes or break below the current support level.
Technical Chart
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SILVER
Technical outlook
MCX Silver July futures technical chart has taken the formation of "Falling channel" 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 bearish momentum based on the current price action, once the same break below the key support level holding near 71300. The downside rally could be extending all the way up to 70700-70100 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 71900. A slide to 72500-73100 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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ZINC
Technical outlook
Zinc June future 2hr Chart has formed "Ascending broadening wedge" pattern. The last session ended up sideways one a gap down formation 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 241. The upside rally could be testing all the way up to 242.50-244 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 239.50. A slide to 238-236.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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