Copper, Natural gas, Silver and Zinc Commodity Report Of 02/01/2022 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Feb future 4hr chart has formed "Ascending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded higher and closed in green for the last session. 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 751. The upside rally could be testing all the way up to 754-757 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 742.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Falling channel” pattern. Over the last few sessions, we have seen some bullish movements, where the last one had traded lower as expected and closed in red. The market is currently expected to continue on the bearish momentum based on the price action, once break below the current support holding near 345. The downside rally could be testing all the way through 340-335 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 370.
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SILVER
Technical outlook
MCX Silver Mar futures technical chart has taken the formation of "Rising channel" 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 little higher and closed in green. The current 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 61500. The upside rally could be extending all the way up to 62100-62700 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 60900. A slide to 60300-59700 is also a possibility if the price makes or break below the current support level.
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ZINC
Technical outlook
Zinc feb future 4hr chart has formed "Rising wedge" pattern. The last few sessions ended up bullish in overall, where the last session has traded sideways and closed in slight green. 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 296. The downside rally could be testing all the way up to 294-292 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 302.
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