Copper, Natural Gas, Silver and Zinc Commodity Report Of 17/11/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Nov 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 closed in red for the last session. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 731. The downside rally could be testing all the way up to 728-725 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 740.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Falling channel” 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 a key resistance holding near 400. The upside rally could be testing all the way through 405-410 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 380.
Technical Chart
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Rounded bottom chart" 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. 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 66000. The downside rally could be extending all the way up to 65400-64800 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 67200. A slide to 67800 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 Nov future 4hr Chart has formed "Falling channel" pattern. The last few sessions ended up bearish in overall, where the last session has traded lower yet closed in slight 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 273. The upside rally could be testing all the way up to 275-277 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 269. A slide to 267 is also a possibility if the price makes or break below the current support level.
Technical Chart
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