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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 green on last one with a gap up formation. 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 742. The upside rally could be testing all the way up to 745-748 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 733.

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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 also traded down, near the historical high 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 362. The downside rally could be testing all the way through 359-356 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 371.

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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 63400. The downside rally could be extending all the way up to 62800-62200 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 64000. A slide to 64600-65200 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 "Megaphone chart" pattern. The last session ended up bullish with some corrections, traded higher creating historical high yet again. 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 255. The upside rally could be testing all the way up to 256.50-258 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 253.50. A slide to 252-250.50 is also possibility if the price makes or break below the current support level.

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