Copper, Natural Gas, Silver and Zinc Commodity Report Of 19/10/2021 - Enrich Financial Solution
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ZINC
Technical outlook
Zinc Oct future weekly Chart has formed "Ascending broadening wedge" pattern. The last session ended up as very strong bullish, traded higher retesting the new historical high and closed in red within the weekly channel. 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 306. The downside rally could be testing all the way up to 304-302 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 312.
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SILVER
Technical outlook
MCX Silver Dec futures technical chart has taken the formation of "Rising wedge" pattern in 2hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded higher and closed in slight 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 63600. The upside rally could be extending all the way up to 64200-64800 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 63000. A slide to 62400-61800 is also a possibility if the price makes or break below the current support level.
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NATURAL GAS
Technical outlook
Natural gas daily chart has formed “Falling wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded lower and closed in red testing near the channel’s support line. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 378. The downside rally could be testing all the way through 374-370 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 392.
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COPPER
Technical outlook
Copper Oct future 4hr 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 but closed in strong 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 792. The downside rally could be testing all the way up to 789-786 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 804.
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