Copper, Natural Gas, Silver and Zinc Commodity Report Of 30/08/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Sept future daily chart has formed "Falling wedge" pattern. There were few bullish rallies within the channel in the last few sessions, while the market traded higher and closed in green. 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 721.
The upside rally could be testing all the way up to 724- 727 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 712.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rising wedge” pattern. Over the last few sessions, we have seen bullish movement along with few corrections, where the last one has traded in strong bullish mode and closed in green. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 324.
The upside rally could be testing all the way through 327-330 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 315.
Technical Chart
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. There have been a few sideways sessions along with slight corrections retesting near the channel’s support line. 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 64300.
The upside rally could be extending all the way up to 64900-65500 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 63100. A slide to 62500 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 Sept future daily Chart has formed "Rising 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 term based on the current price action, once the same breaks below the current key support holding near 244.50.
The downside rally could be testing all the way up to 243-241.50 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 247.50. A slide to 249 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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