Copper, Natural Gas, Silver and Zinc Commodity Report Of 18/11/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Nov future 4hr chart has formed "Falling 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 716. The downside rally could be testing all the way up to 713-710 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 725.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rounded top chart” 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 price action, once break below a key support holding near 360. The downside rally could be testing all the way through 355-350 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 380.
Technical Chart
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Rising wedge" 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 green. 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 66800. The upside rally could be extending all the way up to 67400-68000 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 66200. A slide to 65600-65000 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 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 and closed in slight 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 263. The downside rally could be testing all the way up to 261-259 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 267. A slide to 269 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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