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COPPER

Technical outlook

Copper June future 4hr chart has formed "Falling wedge" 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 715. The downside rally could be testing all the way up to 712-709 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 721. A slide to 724 is also 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 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 expected to continue on the bearish momentum based on the price action, once break below a key support holding near 237. The downside rally could be testing all the way through 234-231 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 240. A slide to 243- 246 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 July futures technical chart has taken the formation of "Falling channel" pattern in 4hr time frame. Last few sessions ended up in 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 71500. The upside rally could be extending all the way up to 72100-72700 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 70900. A slide to 70300-69700 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 June future 2hr Chart has formed "Ascending broadening wedge" pattern. The last session ended up sideways one a gap down formation inside 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 241. The upside rally could be testing all the way up to 242.50-244 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 239. A slide to 237.50-236 is also a possibility if the price makes or break below the current support level.

Technical Chart

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