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COPPER

Technical outlook

Copper Feb future 4hr chart has formed "Rising 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 key support holding near 643. The downside rally could be testing all the way up to 640- 637 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 649. A slide to further level around 652 is also a possibility based on the price action if the same 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 triangle” pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 221. The upside rally could be testing all the way through 224-227 levels in the upcoming sessions. Alternatively, if the market struggles to break the resistance level, then it might retest the same and turn bearish/sideways once again. Key support holds at 215. A slide to 212 is also a possibility if the price makes or break below the current support level.

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SILVER

Technical outlook

MCX Silver March futures technical chart has taken the formation of "Rising channel" pattern in 2hr 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 70300. The upside rally could be extending all the way up to 71100-71900 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 69500. A slide to 68700- 67900 is also a possibility if the price makes or break below the current support level.

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Zinc

Technical outlook

Zinc Feb future daily Chart has formed "Right angled Ascending broadening 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 bullish term based on the current price action, once the same breaks above a key resistance holding near 227. The upside rally could be testing all the way up to 228.50-230 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 224. A slide to 222.50 is also a possibility if the price makes or break below the current support level.

Technical Chart

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