Copper, Natural Gas, Silver and Zinc Commodity Report Of 26 /04/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper May future 4hr chart has formed "Ascending broadening wedge" pattern. The last few sessions ended sideways mode along with some corrections inside the channel. The market is still expected to continue on bullish momentum based on the current price action, once the same break above the key resistance holding near 740. The upside rally could be testing all the way up to 743-746 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 734. A slide to 731 is also a possibility if the price makes or break below the current support level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 2hr chart has formed “Rising channel” 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 momentum based on the price action, once break below a key support holding near 204. The downside rally could be testing all the way through 201-198 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 207. A slide to 210-213 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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SILVER
Technical outlook
MCX Silver May futures technical chart has taken the formation of "Rising channel" pattern in 4hr time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same break below the key support level holding near 69100. The downside rally could be extending all the way up to 68300-67500 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 69900. A slide to 70700-71500 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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ZINC
Technical outlook
Zinc April future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding near 230. The upside rally could be testing all the way up to 231.50-233 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 228.50. A slide to 227-225.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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