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COPPER

Technical outlook

Copper Sept 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 closed in slight red on last one. 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 709. The downside rally could be testing all the way up to 706-703 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 718.

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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 sideways movements along with few corrections, where the last one had traded higher, breaking a historical high and closed in green. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 363. The upside rally could be testing all the way through 366-369 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 349.

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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 bearish sessions along with slight corrections within the channel, where the last one has traded lower and closed in red. 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 64000. The downside rally could be extending all the way up to 63400-62800 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 64600. A slide to 65200-65800 is also a possibility if the price makes or break above the current resistance level.

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ZINC

Technical outlook

Zinc Sept future 4hr Chart has formed "Right angled descending broadening wedge" pattern. The last session ended up bullish with some corrections, traded little higher within 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 252. The upside rally could be testing all the way up to 253.50-255 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 250.50. A slide to 249-247.50 is also possibility if the price makes or break below the current support level.

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