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COPPER

Technical outlook

Copper Oct future daily chart has formed "Falling wedge" 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 712. The downside rally could be testing all the way up to 709-706 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 721.

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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 rapid movements, where the last one had traded a higher and closed in strong green. Reached a historical high after a long time. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 475. The upside rally could be testing all the way through 480-485 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 460.

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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 a little 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 61200. The upside rally could be extending all the way up to 61800-62400 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 60000. A slide to 59400 is also a possibility if the price makes or break below the current support level.

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ZINC

Technical outlook

Zinc Oct future daily Chart has formed "Ascending broadening wedge" pattern. The last session ended up bullish with few corrections, traded higher after testing near the channel’s support line. 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 258.50. The upside rally could be testing all the way up to 260- 261.50 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 255.50. A slide to 254 is also a possibility if the price makes or break below the current support level.

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