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COPPER

Technical outlook

Copper Aug future 4hr chart has formed "Ascending broadening wedge" pattern. There were some corrections within the channel in the last few sessions while the market remained bullish. 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 733.

The upside rally could be testing all the way up to 736- 739 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 727. A slide to 724 is also a possibility if the price makes or break below the current support level.

Technical Chart

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Ascending broadening wedge” pattern. Over the last few sessions, we have seen sideways movement along with a few corrections inside the channel. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 310.

The upside rally could be testing all the way through 313-316 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 301.

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SILVER

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Rising channel" pattern in daily time frame. There have been a few sideways sessions in the past few days along with some corrections in 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 66600.

The downside rally could be extending all the way up to 66000-65400 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 68400.
 

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ZINC

Technical outlook

Zinc Aug 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 249.

The upside rally could be testing all the way up to 250.50-252 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 244.50.

Technical Chart

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