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COPPER

Technical outlook

Copper June future 4hr chart has formed "Right angled ascending 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 bullish momentum based on the current price action, once the same break above the current key resistance holding near 748. The upside rally could be testing all the way up to 751-754 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 742. A slide to 739 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 “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 momentum based on the price action, once break above a key resistance holding near 231. The upside rally could be testing all the way through 234-237 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 222.

Technical Chart

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SILVER

Technical outlook

MCX Silver July futures technical chart has taken the formation of "Rising channel" pattern in daily 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 71000. The downside rally could be extending all the way up to 70400-69800 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 71600. A slide to 72200-72800 is also a possibility if the price makes or break above the current resistance level

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ZINC

Technical outlook

Zinc June future 4hr Chart has formed "Megaphone chart" pattern. The last few sessions ended up sideways 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 238. The upside rally could be testing all the way up to 239.50-241 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 235. A slide to 233.50 is also a possibility if the price makes or break below the current support level.

Technical Chart

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