Copper, Natural Gas, Silver and Zinc Commodity Report Of 23 /06/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper June future 4hr chart has formed "Falling channel" pattern. The last few sessions ended up 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 current key resistance holding near 712. The upside rally could be testing all the way up to 715-718 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 703.
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 244. The upside rally could be testing all the way through 247-250 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 235.
Technical Chart
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SILVER
Technical outlook
MCX Silver July futures technical chart has taken the formation of "Descending broadening wedge" pattern in 4hr time frame. Last few sessions ended up sideways mode along with some corrections inside the channel. 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 67300. The downside rally could be extending all the way up to 66700-66100 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 67900. A slide to 68500- 69100 is also a possibility if the price makes or break above the current resistance level.
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ZINC
Technical outlook
Zinc June future 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 term based on the current price action, once the same breaks above the current key resistance holding near 233. The upside rally could be testing all the way up to 234.50-236 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 230. A slide to 228.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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