Copper, Natural Gas, Silver and Zinc Commodity Report Of 24/12/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Dec future daily chart has formed "Right angled ascending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded higher and closed in slight 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 753. The upside rally could be testing all the way up to 756- 759 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 741.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Descending broadening wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded lower and closed in red. The market is expected to continue on the bearish momentum based on the reversal price action, once break below the current support holding near 275. The downside rally could be testing all the way through 270-265 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 300.
Technical Chart
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SILVER
Technical outlook
MCX Silver Mar futures technical chart has taken the formation of "Falling channel" pattern in 4hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded higher and closed in slight 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 62500. The upside rally could be extending all the way up to 63100-63700 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 61300. A slide to 60700 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 Dec future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways in overall, where the last session has traded lower and closed in red. 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 287. The downside rally could be testing all the way up to 285-283 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 291. A slide to 293 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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