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COPPER

Technical outlook

Copper Oct future 4hr chart has formed "Right angled ascending broadening wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded higher and closed in green for the last session. 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 798. The upside rally could be testing all the way up to 801-804 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 789..

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Rising channel” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded lower and closed in red testing near the channel’s support line. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 405. The downside rally could be testing all the way through 400-395 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 425.

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SILVER

Technical outlook

MCX Silver Dec futures technical chart has taken the formation of "Rising wedge" pattern in 2hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded higher and closed in slight green. 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 63400. The upside rally could be extending all the way up to 64000-64600 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 62800. A slide to 62200-61600 is also a possibility if the price makes or break below the current support level.

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ZINC

Technical outlook

Zinc Oct future weekly Chart has formed "Ascending broadening wedge" pattern. The last session ended up as very strong bullish, traded higher by creating a new historical high yet again and closed in green within the weekly 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 324.50. The upside rally could be testing all the way up to whole new 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 318.

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