Copper, Natural Gas, Silver and Zinc Commodity Report Of 04/10/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Oct future daily chart has formed "Falling wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded lower and closed in strong red 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 711. The upside rally could be testing all the way up to 714-717 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 702.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Ascending broadening wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded a higher and closed in red. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 419. The downside rally could be testing all the way through 414- 409 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 434.
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Descending broadening wedge" 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 overall momentum seems to be in bearish mode, although we except to see an upside correction today. 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 60600. The upside rally could be extending all the way up to 61200-61800 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 59400. A slide to 58800 is also a possibility if the price makes or break below the current support level.
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ZINC
Technical outlook
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