Copper, Natural Gas, Silver and Zinc Commodity Report Of 26/07/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future 4hr chart has formed "Rising wedge" pattern. The last session ended up bullish mode along with some corrections inside the channel. 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 752. The upside rally could be testing all the way up to 755-758 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 743.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Right angled Ascending broadening wedge” pattern. The last few sessions ended up bullish mode along with some corrections, reaching historical highs 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 303. The upside rally could be testing all the way through 306-309 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 297. A slide to 294 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 "Falling wedge" pattern in daily time frame. Last few sessions ended up 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 66900. The downside rally could be extending all the way up to 66300-65700 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 67500. A slide to 68100-68700 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 Aug future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel, near 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 242. The upside rally could be testing all the way up to 243.50-244.50 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 240.50. A slide to 239-238 levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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