IGI Logo

COPPER

Technical outlook

Copper Jan future 4hr chart has formed "Rising channel" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded lower and closed in 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 739. The downside rally could be testing all the way up to 736- 733 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 748.

To Read Complete Report & Disclaimer Click Here

NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Descending broadening wedge” pattern. Over the last few sessions, we have seen some sideways movements, where the last one had traded lower and yet closed in green. The market is currently expected to continue on the bullish momentum based on the reversal price action, once break above the current resistance holding near 280. The upside rally could be testing all the way through 285-290 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 265.

To Read Complete Report & Disclaimer Click Here

SILVER

Technical outlook

MCX Silver Mar futures technical chart has taken the formation of "Rising 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 higher 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 62800. The upside rally could be extending all the way up to 63400-64000 levels in the upcoming sessions. An alternative scenario indicates that if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways mode once again. Key resistance holds near 61600. A slide to 61000 is also a possibility if the price makes or break below the current support level

To Read Complete Report & Disclaimer Click Here

ZINC

Technical outlook

Zinc Dec future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways in overall, where the last session has traded sideway and yet closed almost flat. 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 284. The downside rally could be testing all the way up to 282-280 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 288. A slide to 290-292 is also a possibility if the price makes or break above the current resistance level.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer