Copper, Natural Gas, Silver and Zinc Commodity Report Of 30/07/2021 - Enrich Financial Solution
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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 bullish momentum based on the current price action, once the same break above the current key resistance holding near 759.
The upside rally could be testing all the way up to 762-765 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 750.
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 304.
The upside rally could be testing all the way through 307-310 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 295.
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 68400.
The upside rally could be extending all the way up to 69000-69600 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 67800. A slide to 67200-66600 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 sideways mode along with some corrections inside the channel, reaching new historical high once again. 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 247.50.
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 244.50. A slide to 243 level is a possibility if the price makes or break below the current support level.
Technical Chart
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