Copper, Natural Gas, Silver and Zinc Commodity Report Of 30/12/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Jan future 4hr chart has formed "Rising channel" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded lower and closed in red for the last session. 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 754. The downside rally could be testing all the way up to 751-748 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 760. A slide to 763-766 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Rounded Top chart” pattern. Over the last few sessions, we have seen some sideways movements, where the last one had traded lower and yet closed in green. The market is currently expected to continue on the bullish momentum based on the reversal price action, once break above the current resistance holding near 305. The upside rally could be testing all the way through 310-315 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 285.
Technical Chart
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SILVER
Technical outlook
MCX Silver Mar futures technical chart has taken the formation of "Falling channel" pattern in 4hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded lower and closed in 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 61600. The downside rally could be extending all the way up to 61000-60400 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 62200. A slide to 62800-63400 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 Dec future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways in overall, where the last session has traded lower and yet closed in green. 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 287. The upside rally could be testing all the way up to 289-291 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 281.
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