Copper, Natural Gas, Silver and Zinc Commodity Report Of 26/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Sept future daily chart has formed "Falling wedge" pattern. There were few bullish rallies within the channel in the last few sessions, while the market traded higher and higher after retesting the channel’s support line. 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 718.
The upside rally could be testing all the way up to 721-724 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 709.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Right angled descending broadening wedge” pattern. Over the last few sessions, we have seen sideways movement along with few 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 287.
The downside rally could be testing all the way through 284-281 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 296.
Technical Chart
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SILVER
Technical outlook
MCX Silver Sept futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. There have been a few sideways sessions along with slight corrections retesting near the channel’s support line. 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 63600.
The upside rally could be extending all the way up to 64200-64800 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 62400. A slide to 61800 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 Sept future 4hr Chart has formed "Right angled descending broadening wedge" 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 term based on the current price action, once the same breaks below the current key support holding near 246.
The downside rally could be testing all the way up to 244.50-243 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 247.50. A slide to 249 & furthermore new levels is also a possibility if the price makes or break below the current support level.
Technical Chart
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