Copper, Natural Gas, Silver and Zinc Commodity Report Of 22/07/2021 - Enrich Financial Solution - Enrich Financial Solution
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SILVER
Technical outlook
MCX Silver Sept futures technical chart has taken the formation of "Falling wedge" pattern in daily time frame. Last few sessions ended up sideways mode along with some corrections inside the channel. 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 67400.
The upside rally could be extending all the way up to 68000-68600 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 66800. A slide to 66200-65600 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 July future daily Chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel, near new historical high. 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 241.
The downside rally could be testing all the way up to 239.50-238 new 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 244. A slide to whole new levels is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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COPPER
Technical outlook
Copper July future 4hr chart has formed "Falling wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. 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 727.
The upside rally could be testing all the way up to 730-733 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 721. A slide to 718 is a possibility if the price makes or break below the current support level.
Technical Chart
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NATURAL GAS
Technical outlook
Natural gas 2hr chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 295.
The upside rally could be testing all the way through 298-301 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 289. A slide to 286 is also a possibility if the price makes or break below the current support level.
Technical Chart
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