Copper, Natural Gas, Silver and Zinc Commodity Report Of 20/12/2021 - Enrich Financial Solution
COPPER
Technical outlook
Copper Dec future daily chart has formed "Right angled ascending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded higher and closed in slight red 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 742. The upside rally could be testing all the way up to 745-748 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 730.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Descending broadening wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded lower and closed in red. The market is expected to continue on the bearish momentum based on the reversal price action, once break below the current support holding near 280. The downside rally could be testing all the way through 275-270 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 300.
Technical Chart
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SILVER
Technical outlook
MCX Silver Mar futures technical chart has taken the formation of "Falling channel" pattern in 4hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded higher and closed in slight 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 62000. The downside rally could be extending all the way up to 61400-60800 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 62600. A slide to 63200-63800 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 Dec future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways in overall, where the last session has traded lower and closed in red. The market is expected to continue on the bearish term based on the current price action, once the same breaks below the current key support holding near 281. The downside rally could be testing all the way up to 279-277 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 285. A slide to 287 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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