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COPPER

Technical outlook

Copper July future 4hr chart has formed "Symmetrical triangle" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 719. The downside rally could be testing all the way up to 716- 713 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 725. A slide to 728 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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NATURAL GAS

Technical outlook

Natural gas 4hr chart has formed “Ascending broadening wedge” pattern. The last session ended up sideways mode along with some corrections inside the channel, near a new high after a long term. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 270. The downside rally could be testing all the way through 267-264 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 273. A slide to 276-279 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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SILVER

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Ascending broadening 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 69300. The upside rally could be extending all the way up to 69900-70500 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 68100. A slide to 67500 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. The market is expected to continue on the bullish term based on the current price action, once the same breaks above the current key resistance holding near 240.50. The upside rally could be testing all the way up to 242-243.50 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and revise the trend to bearish/sideways. Key support holds at 237.50. A slide to 236 is also a possibility if the price makes or break below the current support level.

Technical Chart

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