Copper, Natural Gas, Silver and Zinc Commodity Report Of 30/09/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Oct future daily chart has formed "Falling wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has closed red on last one. 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 709. The downside rally could be testing all the way up to 706-703 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 718.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Ascending broadening wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded a lower and closed in red. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 406. The downside rally could be testing all the way through 403- 400 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 415.
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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 within the channel, where the last one has traded a lower and closed in strong red. 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 58100. The downside rally could be extending all the way up to 57500-56900 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 59300. A slide to 59900 is also a possibility if the price makes or break above the current resistance level.
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ZINC
Technical outlook
Zinc Oct future 4hr Chart has formed "Ascending broadening wedge" pattern. The last session ended up bearish with few corrections, traded lower after retesting the 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 256.50. The downside rally could be testing all the way up to 255-253.50 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 258. A slide to 259.50-261 is also a possibility if the price makes or break above the current resistance level.
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