Copper, Natural Gas, Silver and Zinc Commodity Report Of 28 /04/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper May future 4hr chart has formed "Rising channel" pattern. The last few sessions ended up bullish mode creating new historical high. The market is still 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 whole new 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 759. A slide to 756 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 4hr chart has formed “Rising 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 momentum based on the price action, once break above a key resistance holding near 214. The upside rally could be testing all the way through 217-220 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 208. A slide to 205 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 May futures technical chart has taken the formation of "Rising channel" pattern in 4hr time frame. Last few sessions ended up in sideways mode retesting near the channel 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 69000. The upside rally could be extending all the way up to 69800-70600 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 68200. A slide to 67400-66600 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 April future 4hr Chart has formed "Rising channel" pattern. The last session ended up sideways mode 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 235.50. 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 232.50. A slide to 231 is also a possibility if the price makes or break below the current support level.
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