Copper, Natural Gas, Silver and Zinc Commodity Report Of 23/02/2021 By - Enrich Commodities
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COPPER
Technical outlook
Copper March future daily 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 bullish momentum based on the current price action, once the same break above the key resistance holding near 700. The upside rally could be testing all the way up to 703-706 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 691.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 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 bearish momentum based on the price action, once break below a key support holding near 210. The downside rally could be testing all the way through 207- 204 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 219.
Technical Chart
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SILVER
Technical outlook
MCX Silver March 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 70600. The upside rally could be extending all the way up to 71400-72200 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 69800. A slide to 69000-68200 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 daily Chart has formed "Megaphone 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 231. The upside rally could be testing all the way up to 232.50-234 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 228. A slide to 226.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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