Copper, Natural Gas, Silver and Zinc Commodity Report Of 17/03/2021 - 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 668. The downside rally could be testing all the way up to 665-662 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 677.
Technical Chart
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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 bullish momentum based on the price action, once break above a key resistance holding near 186. The upside rally could be testing all the way through 189-192 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 180. A slide to 177 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 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 bearish momentum based on the current price action, once the same break below the key support level holding near 66800. The downside rally could be extending all the way up to 66000-65200 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 67600. A slide to 68400- 69200 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 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 bearish term based on the current price action, once the same breaks below a key support holding near 217. The downside rally could be testing all the way up to 215.50-214 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways. Key resistance holds at 220. A slide to 221.50 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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