Copper, Natural Gas, Silver and Zinc Commodity Report Of 18 /06/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper June future 4hr chart has formed "Falling channel" pattern. The last few sessions ended up bearish 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 current key support holding near 697. The downside rally could be testing all the way up to 694-691 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 706.
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 241. The upside rally could be testing all the way through 244-247 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 238. A slide to 235-232 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 "Rising wedge" pattern in daily time frame. Last session ended up long bearish 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 67500. The downside rally could be extending all the way up to 66900-66300 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 68700. A slide to 69300 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 daily Chart has formed "Rising wedge" pattern. The last session ended up strong bearish inside the channel. 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 233. The downside rally could be testing all the way up to 231.50-230 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 236. A slide to 237.50 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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