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COPPER

Technical outlook

Copper Nov future 4hr chart has formed "Descending broadening wedge" pattern. There were few bearish rallies within the channel in the last few sessions, while the market has traded higher yet closed in slight 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 732. The downside rally could be testing all the way up to 729-726 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 741.

Technical Chart

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NATURAL GAS

Technical outlook

Natural gas 4hr chart has formed “Falling channel” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded lower and closed in strong red. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 365. The downside rally could be testing all the way through 360- 355 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 375. A slide to 380-385 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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SILVER

Technical outlook

MCX Silver Dec futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded sideways too and closed in slight 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 64400. The downside rally could be extending all the way up to 63800-63200 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 65000. A slide to 65600-66200 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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ZINC

Technical outlook

Zinc Nov future 4hr Chart has formed "Falling channel" pattern. The last few sessions ended up bearish in overall, where the last session has traded a higher but closed in slight red. The market is expected to continue on the bearish term based on the current price action, once the same breaks below the current key support holding near 276. The downside rally could be testing all the way up to 274-272 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways. Key resistance holds at 280. A slide to 282 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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