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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 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 727. The downside rally could be testing all the way up to 724-721 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 736.

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 red. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 360. The downside rally could be testing all the way through 355-350 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 370. A slide to 375 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 "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 66300. The upside rally could be extending all the way up to 66900-67500 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 65100. A slide to 64500 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 "Falling channel" pattern. The last few sessions ended up bearish in overall, where the last session has traded sideways and closed in 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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