Copper, Natural Gas, Silver and Zinc Commodity Report Of 24/03/2022 - Enrich Financial Solution
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COPPER
Technical outlook
.Copper Mar future daily chart has formed "Ascending broadening wedge" pattern. There were few random movements within the channel in the last few sessions, while the market has traded higher and closed in green for the last session. 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 828. The upside rally could be testing all the way up to 831-834 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 818.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Symmetrical Triangle” pattern. Over the last few sessions, we have seen some random movements, where the last one had traded higher and closed in green. The market is currently expected to continue on the bullish momentum based on the price action, once break above the current resistance holding near 405. The upside rally could be testing all the way through 410-415 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 390. A slide to 385 is also a possibility if the price makes or break below the current support level.
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SILVER
Technical outlook
MCX Silver May futures technical chart has taken the formation of "Rising channel" pattern in daily time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded sideways and closed in green. Current market is expected to continue on bullish trend based on the current price action, once break above the key resistance level holding near 68500. The upside rally could be extending all the way up to 69100-69700 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.
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ZINC
Technical outlook
Zinc Mar future daily chart has formed "Rising wedge" pattern. The last few sessions ended up bearish in overall, where the last session has traded higher and closed in strong green. The market is expected to continue on the bullish term based on the price action, once the same breaks above the current key resistance holding near 345. The upside rally could be testing all the way up to 347-349 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 339.
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