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COPPER

Technical outlook

Copper Nov future 4hr chart has formed "Falling wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded sideways 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 737. The downside rally could be testing all the way up to 734-731 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 746

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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 a little higher and closed in green. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 370. The upside rally could be testing all the way through 375- 380 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 355.

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SILVER

Technical outlook

MCX Silver Dec futures technical chart has taken the formation of "Rising 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 lower and closed in slight 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 66400. The downside rally could be extending all the way up to 65800-65200 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 67200. A slide to 67800-68400 is also a possibility if the price makes or break above the current resistance level.

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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 lower 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 271. The downside rally could be testing all the way up to 269-267 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 277.

Technical Chart

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