Copper, Natural Gas, Silver and Zinc Commodity Report Of 24/09/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Sept future daily chart has formed "Falling wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has closed in green on last one. 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 716. The upside rally could be testing all the way up to 719- 722 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 707
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Ascending broadening wedge” pattern. Over the last few sessions, we have seen some sideways movements, where the last one had traded a little higher and closed in green. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 369. The upside rally could be testing all the way through 374-380 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 353.
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. There have been a few bullish sessions along with slight corrections within the channel, where the last one has traded a little lower and closed in green. 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 61000. The upside rally could be extending all the way up to 61600-62200 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 60400. A slide to 59800-59200 is also a possibility if the price makes or break below the current support level
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ZINC
Technical outlook
Zinc Sept future daily Chart has formed "Rising channel" pattern. The last session ended up strong bullish with few corrections, traded higher creating a whole new historical high. 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 266. The upside rally could be testing all the way up to whole new 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 263
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