Copper, Natural Gas, Silver and Zinc Commodity Report Of 25/10/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Nov 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 lower and closed in strong red for the last session. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 763. The downside rally could be testing all the way up to 760- 757 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might revise the trend to bullish/sideways mode. Key resistance holds at 772.
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Falling wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded sideways and closed in slight green after retesting near the channel’s support line. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 400. The upside rally could be testing all the way through 405- 410 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 385.
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SILVER
Technical outlook
Natural gas 4hr chart has formed “Falling wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded sideways and closed in slight green after retesting near the channel’s support line. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 400. The upside rally could be testing all the way through 405- 410 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 385.
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ZINC
Technical outlook
Zinc Nov future 2hr Chart has formed "Falling wedge" pattern. The last few sessions ended up as bearish in overall, traded lower and has 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 283. The downside rally could be testing all the way up to 281-279 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 287. A slide to 289 is also a possibility if the price makes or break above the current resistance level.
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