Copper, Natural Gas, Silver and Zinc Commodity Report Of 23/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future daily chart has formed "Falling channel" pattern. There was a gap up formation within the channel, while the market opened up and traded higher after retesting the channel’s support line. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 701.
The upside rally could be testing all the way up to 704-707 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 692.
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Right angled descending broadening wedge” pattern. Over the last few sessions, we have seen sideways movement along with few 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 287.
The downside rally could be testing all the way through 284- 281 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 293. A slide to 296 is also a possibility if the price makes or break above the current resistance level.
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SILVER
Technical outlook
MCX Silver Sept futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. There have been a few sideways sessions along with slight corrections testing near the channel’s support line. 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 61500.
The downside rally could be extending all the way up to 60900-60300 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 62100. A slide to 62700- 63300 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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ZINC
Technical outlook
Zinc Aug future 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 bearish term based on the current price action, once the same breaks below the current key support holding near 245.50.
The downside rally could be testing all the way up to 244-242.50 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways. Key resistance holds at 247. A slide to 248.50-250 is also a possibility if the price makes or break above the current resistance level.
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