Copper, Natural gas, Silver and Zinc Commodity Report Of 21/01/2022 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Jan future daily chart has formed "Right angled 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 763. The upside rally could be testing all the way up to 766-769 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 751.
Technical Chart
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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 sideways 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 280. The downside rally could be testing all the way through 275-270 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 300.
Technical Chart
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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 higher as expected and closed in green. The 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 65600. The upside rally could be extending all the way up to 66200-66800 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 64400. A slide to 63800 is also a possibility if the price makes or break below the current support level.
Technical Chart
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ZINC
Technical outlook
Zinc Jan future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways in overall, where the last session has traded higher and 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 301. The upside rally could be testing all the way up to 303-305 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 298. A slide to 296-294 is also a possibility if the price makes or break below the current support level.
Technical Chart
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