Copper, Natural Gas, Silver and Zinc Commodity Report Of 27/07/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Aug future 4hr chart has formed "Rising channel" pattern. The last few sessions 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 765.
The upside rally could be testing all the way up to 768-771 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 756.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Right angled Ascending broadening wedge” pattern. The last session ended up sideways mode along with some corrections, near historical high 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 302.
The downside rally could be testing all the way through 299-296 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 308. A slide to 311 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 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 marketstruggles 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 daily Chart has formed "Megaphone chart" pattern. The last few sessions ended up bullish mode along with some corrections inside the channel, creating new historical high yet again. 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 247.
The upside rally could be testing all the way up to whole new 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 242.50.
Technical Chart
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