Copper, Natural Gas, Silver and Zinc Commodity Report Of 22/03/2021 - Enrich Commodities
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Copper
Technical outlook
Copper March future 2hr chart has formed "Falling 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 677. The upside rally could be testing all the way up to 680-683 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 668.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 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 momentum based on the price action, once break above a key resistance holding near 185. The upside rally could be testing all the way through 188-191 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 179. A slide to 176 is also a possibility if the price makes or break below the current support level.
Technical Chart
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SILVER
Technical outlook
MCX Silver May futures technical chart has taken the formation of "Rising channel" pattern in 4hr 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 67700. The upside rally could be extending all the way up to 68500-69300 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 66900. A slide to 66100-65300 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 "Bullish pennant chart" 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 220. The upside rally could be testing all the way up to 221.50-223 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 215.50.
Technical Chart
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