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COPPER

Technical outlook

Copper Nov future 4hr chart has formed "Falling channel" pattern. There were few bearish rallies within the channel in the last few sessions, while the market has traded lower yet closed in slight green for the last session. 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 735. The upside rally could be testing all the way up to 738-741 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 resistance holds at 726.

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 some rapid movements, where the last one had traded lower and closed in red. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 410. The downside rally could be testing all the way through 405- 400 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 425.

Technical Chart

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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 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 64800.

The upside rally could be extending all the way up to 65400-66000 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 63600. A slide to 63000 is also a possibility if the price makes or break below the current support level.

Technical Chart

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ZINC

Technical outlook

Zinc Nov future 4hr Chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways in overall, where the last session has traded a little higher and closed in green. 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 274.

The upside rally could be testing all the way up to 276-278 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 268.

Technical Chart

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