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COPPER

Technical outlook

Copper June future 4hr chart has formed "Descending broadening wedge" 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 732. The downside rally could be testing all the way up to 729-726 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 738. A slide to 741 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 daily chart has formed “Rising channel” pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 221. The downside rally could be testing all the way through 218-215 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 227. A slide to 230 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 July futures technical chart has taken the formation of "Falling channel" pattern in 4hr time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. 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 70500. The downside rally could be extending all the way up to 69900-69300 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 71100. A slide to 71700-72300 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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ZINC

Technical outlook

Zinc June future daily Chart has formed "Rising wedge" pattern. The last few sessions ended up sideways along with some corrections inside 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 235. The downside rally could be testing all the way up to 233.50-232 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 237. A slide to 238.50-240 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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