Copper, Natural Gas, Silver and Zinc Commodity Report Of 29/01/2021 By - Enrich Commodities
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COPPER
Technical outlook
Copper Jan future 4hr chart has formed "Falling channel" 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 key resistance holding near 603. The upside rally could be testing all the way up to 606-609 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 600. A slide to 597-594 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 daily 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 expected to continue on the bearish momentum based on the price action, once break below a key support holding near 193. The downside rally could be testing all the way through 190-187 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 199. A slide to 202 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 March futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 2hr time frame. Last few sessions ended up in 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 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 68300. A slide to 69100- 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 daily future 4hr Chart has formed "Falling channel" 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 a key resistance holding near 206. The upside rally could be testing all the way up to 207.50-209 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 204.50. A slide to 203-201.50 is also a possibility if the price makes or break below the current support level.
Technical Chart
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