Copper, Natural Gas, Silver and Zinc Commodity Report Of 29/07/2021 - Enrich Financial Solution
COPPER
Technical outlook
Copper Aug future 4hr chart has formed "Rising channel" pattern. The last few sessions ended up 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 current key support holding near 749.
The downside rally could be testing all the way up to 746-743 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might revise the trend to bullish/sideways mode. Key resistance holds at 758.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rising channel” 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 300. The upside rally could be testing all the way through 303-306 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 294. A slide to 291 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 Sept futures technical chart has taken the formation of "Falling channel" pattern in 4hr time frame. Last few sessions ended up 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 66600.
The upside rally could be extending all the way up to 67200-67800 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 66000. A slide to 65400-64800 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 Aug future daily Chart has formed "Rising wedge" pattern. The last few sessions ended up bearish mode along with some corrections inside the channel, after retest near new historical high. The market is expected to continue on the bearish term based on the current price action, once the same breaks below the current key support holding near 244.
The downside rally could be testing all the way up to 242.50-241 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways. Key resistance holds at 247. A slide to whole new level is a possibility if the price makes or break above the current resistance level.
Technical Chart
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