Copper, Natural Gas, Silver and Zinc Commodity Report Of 27/08/2021 - 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 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 717.
The upside rally could be testing all the way up to 720- 723 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 708.
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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, where yesterday market has traded in strong bullish mode and closed in green. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 311.
The upside rally could be testing all the way through 314-317 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 305. A slide to 302 is also a possibility if the price makes or break below the current support level.
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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 bearish momentum based on the current price action, once the same break below the key support level holding near 62500.
The downside rally could be extending all the way up to 61900- 61300 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 63100. A slide to 63700-64300 is also a possibility if the price makes or break above the current resistance level.
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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 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 248.50-250 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 245. A slide to 243.50-242 is also a possibility if the price makes or break below the current support level.
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