Copper, Natural Gas, Silver and Zinc Commodity Report Of 18/03/2021 - Enrich Commodities
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Copper
Technical outlook
Copper March future daily chart has formed "Ascending broadening wedge" pattern. The last few sessions ended 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 key resistance holding near 678. The upside rally could be testing all the way up to 681-684 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 669.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 2hr 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 bearish momentum based on the price action, once break below a key support holding near 183. The downside rally could be testing all the way through 180-177 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 186. A slide to 189- 192 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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SILVER
Technical outlook
MCX Silver May futures technical chart has taken the formation of "Rising channel" pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same break above the key resistance level holding near 67600. The upside rally could be extending all the way up to 68400-69200 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways mode once again. Key support holds near 66800. A slide to 66000-65200 is also a possibility if the price makes or break below the current support level.
Technical Chart
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ZINC
Technical outlook
Zinc march future 2hr 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 bullish term based on the current price action, once the same breaks above a key resistance holding near 219.50. The upside rally could be testing all the way up to 221-222.50 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 218. A slide to 216.50-215 is also a possibility if the price makes or break below the current support level.
Technical Chart
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