Copper, Natural Gas, Silver and Zinc Commodity Report Of 22 /04/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper April future 4hr chart has formed "Ascending broadening wedge" pattern. The last few sessions ended sideways mode along with some corrections inside the channel. The market is still expected to continue on bullish momentum based on the current price action, once the same break above the key resistance holding near 730. The upside rally could be testing all the way up to 733-736 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 724. A slide to 721 is also a possibility if the price makes or break below the current support level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Ascending broadening 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 bearish momentum based on the price action, once break below a key support holding near 201. The downside rally could be testing all the way through 198-195 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 207. A slide to 210 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 May futures technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. 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 70600. The upside rally could be extending all the way up to 71400-72200 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 69000. A slide to 68200 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 April future 4hr Chart has formed "Ascending broadening 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 bearish term based on the current price action, once the same breaks below a key support holding near 227. The downside rally could be testing all the way up to 225.50-224 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 229. A slide to 230.50-232 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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