Copper, Natural Gas, Silver and Zinc Commodity Report Of 22/02/2021 By - Enrich Commodities
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COPPER
Technical outlook
Copper March future 4hr chart has formed "Ascending broadening wedge" pattern. The last session ended sideways mode also creating new historical high. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the key support holding near 681. The downside rally could be testing all the way up to 678-675 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 687(Near new historical high). A slide to 690 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 daily chart has formed “Rising 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 momentum based on the price action, once break above a key resistance holding near 225. The upside rally could be testing all the way through 228-231 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 219. A slide to 216 is also possibility if the price makes or break below the current support level.
Technical Chart
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SILVER
Technical outlook
MCX Silver March futures technical chart has taken the formation of "Rising channel" 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 69200. The upside rally could be extending all the way up to 70000-70800 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 67600. A slide to 66800 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 march future 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 bullish term based on the current price action, once the same breaks above a key resistance holding near 228. The upside rally could be testing all the way up to 229.50-231 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 226.50. A slide to 225-223.50 is also a possibility if the price makes or break below the current support level.
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