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COPPER

Technical outlook

Copper Sept future 4hr chart has formed "Descending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has closed in red yesterday. 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 707.

The downside rally could be testing all the way up to 704- 701 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 716.

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Rising channel” pattern. Over the last few sessions, we have seen some sideways movements along with few corrections, where the last one has traded higher and closed in strong green. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 341.

The upside rally could be testing all the way through 344-348 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 328.

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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 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 64100.

The upside rally could be extending all the way up to 64400-64700 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 62900. A slide to 62300 is also a possibility if the price makes or break below the current support level.

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ZINC

Technical outlook

Zinc Sept future daily Chart has formed "Rising wedge" pattern. The last session ended up bearish mode, traded lower on a gap down formation within the 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 242.50.

The downside rally could be testing all the way up to 241-239.50 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 244.50. A slide to 246-247.50 is also a possibility if the price makes or break above the current resistance level.

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