Copper, Natural Gas, Silver and Zinc Commodity Report Of 28 /05/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper June future 4hr chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. 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 770. The upside rally could be testing all the way up to 773-776 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 761.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 4hr chart has formed “Megaphone chart” 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 momentum based on the price action, once break below a key support holding near 213. The downside rally could be testing all the way through 210-207 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 219. A slide to 222 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 July futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. Last few sessions ended up in sideways 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 key resistance level holding near 71900. The upside rally could be extending all the way up to 72500-73100 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 71300. A slide to 70700-70100 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 June future daily Chart has formed "Rising wedge" pattern. The last few sessions ended up sideways 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 239. The upside rally could be testing all the way up to 240.50-242 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 234.50.
Technical Chart
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