Copper, Natural gas, Silver and Zinc Commodity Report Of 14/02/2022 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Feb future daily chart has formed "Rising channel" pattern. There were few random movements 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 767. The downside rally could be testing all the way up to 764-761 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 782.
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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 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 290. The downside rally could be testing all the way through 285-280 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 305. A slide to 310 is also a possibility if the price makes or break above the resistance level.
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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 sideways and closed in almost flat. The current market is expected to continue on bullish trend based on the current price action, once the same break above the key resistance level holding near 63300. The upside rally could be extending all the way up to 63900-64500 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 62600. A slide to 62000-61400 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 daily chart has formed "Rising wedge" pattern. The last few sessions ended up bullish in overall, where the last session has traded 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 304. The downside rally could be testing all the way up to 302-300 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 310
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