Copper, Natural Gas, Silver and Zinc Commodity Report Of 22/09/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Sept future daily chart has formed "Falling wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has closed in strong red on last one. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 694. The downside rally could be testing all the way up to 691-688 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 703.
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Ascending broadening wedge” pattern. Over the last few sessions, we have seen some bearish movements along with few corrections, where the last one had traded lower and closed in red. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 352. The downside rally could be testing all the way through 349-346 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 361.
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. There have been a few bearish sessions along with slight corrections within the channel, where the last one has traded higher and closed in green. 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 60500. The upside rally could be extending all the way up to 61100-61700 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 59300. A slide to 58700 is also a possibility if the price makes or break below the current support level.
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ZINC
Technical outlook
Zinc Sept future daily Chart has formed "Rising wedge" pattern. The last session ended up bullish with few corrections, traded higher ending up near new historical high. The market is expected to continue on the bullish term based on the current price action, once the same breaks above the current key resistance holding near 257. The upside rally could be testing all the way up to 258.50-260 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 254. A slide to 252.50 is also possibility if the price makes or break below the current support level.
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