Copper, Natural gas, Silver and Zinc Commodity Report Of 04/02/2022 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Feb future daily chart has formed "Symmetrical triangle" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded higher and yet 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 752. The downside rally could be testing all the way up to 749-746 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 761.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Descending broadening wedge” pattern. Over the last few sessions, we have seen some random movements, where the last one had traded lower and closed in strong 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 360. The downside rally could be testing all the way through 355-350 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 380.
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SILVER
Technical outlook
MCX Silver Mar futures technical chart has taken the formation of "Falling 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 lower and closed in red. The current 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 60600. The downside rally could be extending all the way up to 60000-59400 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 61400. A slide to 62000-62600 is also a possibility if the price makes or break above the current resistance 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 a lower and closed in red. 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 297. The downside rally could be testing all the way up to 295-293 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 300. A slide to 302-304 is also a possibility if the market makes or break above the current resistance level.
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