Base metalsBase Metal Technical Report, 30/06/2023 : BEST COMMODITY
30 Jun 10:17 BEST COMMODITY
Technical Outlook
The daily technical chart for Copper futures is forming a "Megaphone Pattern", where copper is facing heat, and in the last session it shredded 0.75%, where it closed at 704.95, it giving expectation of bearish movement if 700 is breached, which is the strong support for the commodity, where it is broken we may see 690 levels, and in the last session, it touched a high of 706.90, hence we may see a range of 700-710 in the upcoming session, meanwhile, for the current session the resistance is at 709 and key support is at 698.
Research Report Call
Buy if able to sustain above 707 targets 710-711, keeping an SL of 705. sell if it breaks 702, for targets 700-698, keeping an SL of 703.
Technical Outlook
Zinc Futures in the last session was flat and closed at 211.20, where it has been correcting from the last couple of sessions, in the range of 207-213, where it is taking support at 210, and zinc is technically forming a "Falling Wedge", where the contracting demands are hindering the gains, and it in the last session gave a range of 211.85-210.25, where it might try to move in the range of 210-213 levels in the upcoming sessions, for the current session zinc's key resistance, is placed at 213.55 and key support is placed at 208.50.
Research Report Call
Sell if it breaks 210 below, then sell for targets 209-207 keeping an SL of 211.20, and buy if it sustains above 212 for targets 213-215 keeping a trail SL of 211.
As Reported By BEST COMMODITY
