Copper, Natural Gas, Silver and Zinc Commodity Report Of 18/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future daily chart has formed "Symmetrical triangle" pattern. There were some corrections within the channel in the last few sessions while the market remained sideways. 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 709. The downside rally could be testing all the way up to 706-703 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 722.
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Right angled descending broadening wedge” pattern. Over the last few sessions, we have seen bearish movement along with few 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 283. The downside rally could be testing all the way through 280-277 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 292.
Technical Chart
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SILVER
Technical outlook
MCX Silver Sept futures technical chart has taken the formation of "Descending broadening wedge" pattern in 4hr time frame. There have been a few sideways sessions along with slight corrections testing near the channel’s support line. 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 63000. The downside rally could be extending all the way up to 62400-61800 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 63800. A slide to 64400- 65000 is also a possibility if the price makes or break above the current resistance level.
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ZINC
Technical outlook
Zinc Aug future 4hr Chart has formed "Symmetrical Triangle" 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 the current key support holding near 247.50. The downside rally could be testing all the way up to 246-244.50 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 251. A slide to 252.50 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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