Copper, Natural Gas, Silver and Zinc Commodity Report Of 20/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future daily chart has formed "Falling channel" pattern. There was a gap down formation within the channel, while the market opened down and traded higher retesting the channel’s support line. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 686.
The upside rally could be testing all the way up to 689- 692 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 677.
Technical Chart
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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 sideways movement along with few 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 287.
The upside rally could be testing all the way through 290-293 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 278.
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 after 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 62000.
The downside rally could be extending all the way up to 61400-60800 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 62600. A slide to 63200- 63800 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 Aug 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 the bullish term based on the current price action, once the same breaks above the current key resistance holding near 245.
The upside rally could be testing all the way up to 246.50-248 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 243.50. A slide to 242-240.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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