Copper, Natural Gas, Silver and Zinc Commodity Report Of 29 /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 sideways mode testing near 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 763. 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 757. A slide to 754 is also a possibility if the price makes or break below the current support level.
Technical Chart
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NATURAL GAS
Technical outlookv
Natural gas 4hr chart has formed “Ascending 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 momentum based on the price action, once break above a key resistance holding near 222. The upside rally could be testing all the way through 225- 228 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 219. A slide to 216-213 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 "Right angled descending broadening wedge" pattern in daily time frame. Last few sessions ended up in sideways mode retesting near the channel 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 67500. The downside rally could be extending all the way up to 66700-65900 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 69100. A slide to 69900 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 April future 4hr Chart has formed "Rising channel" pattern. The last few sessions 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. 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. A slide to 230.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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