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COPPER

Technical outlook

Copper Sept future daily chart has formed "Falling wedge" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has closed in red on last one. 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 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 729

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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 sideways movements along with few corrections, where the last one had traded lower and closed in red. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 378. The downside rally could be testing all the way through 375-372 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 387.

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SILVER

Technical outlook

MCX Silver Dec futures technical chart has taken the formation of "Descending broadening wedge" pattern in daily time frame. There have been a few bearish sessions along with slight corrections within the channel, where the last one has traded lower and closed in strong 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 59900. The downside rally could be extending all the way up to 59300-58700 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 61100. A slide to 61700 is also a possibility if the price makes or break above the current resistance level.

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ZINC

Technical outlook

Zinc Sept future daily Chart has formed "Rising wedge" pattern. The last session ended up bullish with few corrections, traded higher creating a new historical high yet again. 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 256.50. The upside rally could be testing all the way up to 258-259.50 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 255. A slide to 253.50-252 is also possibility if the price makes or break below the current support level.

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