Copper, Natural Gas, Silver and Zinc Commodity Report Of 31/05/2021 - Enrich Commodities
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COPPER
Technical outlook
Copper June future 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 still expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 759. The downside rally could be testing all the way up to 756-753 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 768.
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 bearish momentum based on the price action, once break below a key support holding near 215. The downside rally could be testing all the way through 212-209 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 221. A slide to 224 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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SILVER
Technical outlook
MCX Silver July futures technical chart has taken the formation of "Rising channel" pattern in daily 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 71300. The downside rally could be extending all the way up to 70700-70100 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 71900. A slide to 72500-73100 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 June future daily Chart has formed "Ascending broadening wedge" pattern. The last few sessions ended up sideways 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 237. The downside rally could be testing all the way up to 235.50-234 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 239. A slide to 240.50-242 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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