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COPPER

Technical outlook

Copper July future 4hr chart has formed "Rising channel" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 720. The downside rally could be testing all the way up to 717-714 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 726. A slide to 729 is a possibility if the price makes or break above the current resistance level.

Technical Chart

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Ascending broadening wedge” pattern. The last session ended up sideways mode along with some corrections inside the channel, near a new high after a long term. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 272. The downside rally could be testing all the way through 269-266 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 278. A slide to 281 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 Sept futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. Last few sessions ended up sideways mode along with some corrections inside the channel. 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 69500.

The upside rally could be extending all the way up to 70100-70700 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 68900. A slide to 68300-67700 is also a possibility if the price makes or break below the current support level.

Technical Chart

ZINC

Technical outlook

Zinc July future 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 bearish term based on the current price action, once the same breaks below the current key support holding near 238.50. The downside rally could be testing all the way up to 237-235.50 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 243.

Technical Chart

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