Copper, Natural Gas, Silver and Zinc Commodity Report Of 21/12/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Dec future daily chart has formed "Right angled ascending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded lower but closed in slight green for the last session. 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 740. The upside rally could be testing all the way up to 743-746 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 730.
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 sideways and closed in green. The market is expected to continue on the bullish momentum based on the reversal price action, once break above the current resistance holding near 295. The upside rally could be testing all the way through 300-305 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.
Technical Chart
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SILVER
Technical outlook
MCX Silver Mar futures technical chart has taken the formation of "Falling channel" 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 lower and closed in red. 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 61200. The downside rally could be extending all the way up to 60600-60000 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 61800. A slide to 62400-63000 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 Dec future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways in overall, where the last session has traded lower and closed in 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 278. The downside rally could be testing all the way up to 276-274 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 282. A slide to 284 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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