Copper, Natural Gas, Silver and Zinc Commodity Report Of 30/03/2021 - Enrich Commodities
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Copper
Technical outlook
Copper April future 4hr chart has formed "Falling wedge" pattern. The last few sessions ended sideways mode along with some corrections inside the channel. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the key support holding near 666. The downside rally could be testing all the way up to 663-660 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 675.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 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 expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 194. The upside rally could be testing all the way through 197- 200 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 188. A slide to 185 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 "Falling channel" 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 bearish momentum based on the current price action, once the same break below the key support level holding near 64000. The downside rally could be extending all the way up to 63200-62400 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 64800. A slide to 65600-66400 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 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 220.50. The upside rally could be testing all the way up to 222-223.50 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 219. A slide to 217.50-216 is also a possibility if the price makes or break below the current support level.
Technical Chart
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