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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 slight green on yesterday. The market is expected to continue on bullish momentum based on the current price action, once the same break above the current key resistance holding near 713. The upside rally could be testing all the way up to 716-719 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might revise the trend to bearish/sideways mode. Key support holds at 707. A slide to 704 is also a possibility if the price makes or break below the current support level

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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 342. The upside rally could be testing all the way through 345-348 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 336. A slide to 333 is also a possibility if the price makes or break below the current support level.

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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 red. The market is expected to continue on bearish momentum based on the current price action, once the same break below the key support level holding near 63000. The downside rally could be extending all the way up to 62400-61800 levelsin 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 64200. A slide to 64800 is also a possibility if the price makes or break above the current resistance level.

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ZINC

Technical outlook

Zinc Sept future daily Chart has formed "Rising wedge" pattern. The last session ended up bullish, traded lower after a gap down formation within 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 244.50. The upside rally could be testing all the way up to 246- 247.50 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 242.50. A slide to 241-239.50 is also a possibility if the price makes or break below the current support level.

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