Copper, Natural Gas, Silver and Zinc Commodity Report Of 20/07/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper July future 4hr 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 bearish momentum based on the current price action, once the same break below the current key support holding near 715.
The downside rally could be testing all the way up to 712-709 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 721. A slide to 724 is a possibility if the price makes or break above the current resistance level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rectangle 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 momentum based on the price action, once break above a key resistance holding near 283. The upside rally could be testing all the way through 286-289 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 280. A slide to 277-274 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 Sept futures technical chart has taken the formation of "Right angled Ascending broadening wedge" pattern in 4hr time frame. Last few sessions ended up sideways 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 67200.
The downside rally could be extending all the way up to 66600-66000 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 67800. A slide to 68400-69000 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 July future 4hr Chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel, near new historical high. The market is expected to continue on the bullish term based on the current price action, once the same breaks above the current key resistance holding near 243.
The upside rally could be testing all the way up to 244.20 & furthermore new 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 241.50. A slide to 240-238.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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