Copper, Natural Gas, Silver and Zinc Commodity Report Of 03/11/2021 - Enrich Financial Solution
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COPPER
Technical outlook
Copper Nov future daily chart has formed "Right angled ascending broadening wedge" pattern. There were few bearish rallies 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 738. The downside rally could be testing all the way up to 735-732 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 748.
Technical Chart
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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 higher and closed in green retesting the channel’s support line. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 415.
The upside rally could be testing all the way through 420-425 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 400.
Technical Chart
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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 lower and closed in strong red. The 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 63000.
The downside rally could be extending all the way up to 62400-61800 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 64200. A slide to 64800 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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ZINC
Technical outlook
Zinc Nov future 2hr Chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways in overall, where the last session has traded little higher but 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 282.
The downside rally could be testing all the way up to 280-278 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 286. A slide to 288 is also a possibility if the price makes or break above the current resistance level.
Technical Chart
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