Copper, Natural gas, Silver and Zinc Commodity Report Of 28/01/2022 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Feb future daily chart has formed "Right angled descending broadening wedge pattern" 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 755. The upside rally could be testing all the way up to 758-761 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 746.
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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 sideways movements, where the last one had traded higher and closed in green. The market is currently expected to continue on the bullish momentum based on the price action, once break above the current resistance holding near 325. The upside rally could be testing all the way through 330-335 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and turn bearish/sideways once again. Key support holds at 300.
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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 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 61600. The downside rally could be extending all the way up to 61000-60400 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 62800. A slide to 63400 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 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 302. The upside rally could be testing all the way up to 304-306 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 is also a possibility if the price makes or break below the current support level.
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