Copper, Natural Gas, Silver and Zinc Commodity Report Of 21 /06/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper June future 4hr chart has formed "Falling channel" pattern. The last few sessions ended up bearish mode along with some corrections inside the channel. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 693. The downside rally could be testing all the way up to 690-687 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 699. A slide to 702 is also 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 4hr chart has formed “Rising channel” 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 238. The downside rally could be testing all the way through 235-232 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 241. A slide to 244-247 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 July futures technical chart has taken the formation of "Rising wedge" pattern in daily time frame. Last session ended up long bearish 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 67300. The downside rally could be extending all the way up to 66700-66100 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 68500. A slide to 69100 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 June future daily Chart has formed "Rising wedge" pattern. The last session ended up strong bearish 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 230. The downside rally could be testing all the way up to 228.50-227 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 233. A slide to 234.50 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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