Copper, Natural Gas, Silver and Zinc Commodity Report Of 23 /06/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper July future 4hr chart has formed "Descending broadening wedge" pattern. The last few sessions ended up bullish 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 729. The upside rally could be testing all the way up to 732-735 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 720.
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 bullish 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 249. The upside rally could be testing all the way through 252-255 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 243. A slide to 240 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 July futures technical chart has taken the formation of "Ascending broadening wedge" pattern in daily time frame. Last few sessions ended up 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 68100. The upside rally could be extending all the way up to 68700-69300 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 67500. A slide to 66900- 66300 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 July future daily 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 bullish term based on the current price action, once the same breaks above the current key resistance holding near 235. The upside rally could be testing all the way up to 236.50-238 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 232. A slide to 230.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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