ALUMINIUM

Technical outlook

Aluminium daily chart has formed “Ascending broadening wedge pattern”. The last few sessions ended up bearish in trend retesting near a key support zone inside the channel. The market is expected to continue on the bearish trend, once the same breaks below the key support holding at 149. The downside rally could be testing all the way through 147-145 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 152.50 and further more levels. Key resistance holds at 152.50.

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COPPER

Technical outlook

Copper daily chart has formed “Megaphone chart” pattern. The last session been in bullish trend after retesting an interim support trend line inside the channel. The market is expected to continue on bullish momentum, once the same breaks above a key resistance zone holding at 461. The upside rally could be testing all the way through 463-465 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test 452 levels. Key resistance holds at 452.

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LEAD

Technical outlook

Lead daily chart has formed “Rectangle chart” pattern. The last session ended up strongly bullish in trend after retesting near a key support zone inside the channel. The market is expected to continue on bullish momentum, once the same breaks above the key resistance zone holding at 150. The upside rally could be testing all the way through 152-154 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 145 level. Key support holds at 145.

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up bearish in trend after retesting near the channel’s resistance slope line. The market is expected to continue in bearish term, once the same breaks below the key support zone holding at 235. The downside rally could be testing all the way through 232-230 and furthermore levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 243 level. Key resistance holds at 243.

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NICKEL

Technical outlook

Nickel daily chart has formed “Ascending broadening wedge” pattern. The last session been in consolidation retesting near the channel’s support slope line. The market is expected to continue on the bullish term, once the same breaks above a key resistance zone holding at 945. The upside rally could be testing all the way through 960-975 and furthermore levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 915 levels. Key support holds at 915.

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SILVER

Technical outlook

MCX Silver futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last session ended up bullish in trend after few consolidations inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices break above the key resistance zone holding at 39000. The positive rally could be extending all the way up to 39200-39400 and furthermore levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 38450 levels. Key support holds at 38450.

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Zinc

Technical outlook

Zinc daily chart has formed “Descending broadening wedge” pattern. The last session ended up bullish in trend retesting a key support zone inside the channel. The market is expected to continue on bullish momentum, testing all the way through 198-200 levels in the upcoming sessions. Alternatively, if the market breaks below the key support zone holding at 194 then it might turn bearish. The downside rally could test up to 192-190 levels. Key resistance holds at 200.

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