Copper, Natural Gas, Silver and Zinc Commodity Report Of 24/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future daily chart has formed "Falling wedge" pattern. There were few bullish rallies within the channel in the last few sessions, while the market traded higher and 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 711.
The upside rally could be testing all the way up to 714-717 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 702.
Technical Chart
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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 bullish momentum based on the price action, once break above a key resistance holding near 292.
The upside rally could be testing all the way through 295-298 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 286. A slide to 283 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 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 retesting near 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 key resistance level holding near 63000.
The upside rally could be extending all the way up to 63600-64200 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 62000. A slide to 61400-60800 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 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 246.
The downside rally could be testing all the way up to 244.50-243 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 247.50. A slide to 249-250.50 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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