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COPPER

Technical outlook

Copper Oct future daily 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 lower but 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 796. The upside rally could be testing all the way up to 799-802 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 787.

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NATURAL GAS

Technical outlook

Natural gas 4hr chart has formed “Falling wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded higher and closed in green after retesting near the channel’s support line. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 395. The upside rally could be testing all the way through 400-405 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 380.

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SILVER

Technical outlook

MCX Silver Dec futures technical chart has taken the formation of "Rising channel" pattern in 4hr 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 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 65700. The upside rally could be extending all the way up to 66300-66900 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 65100. A slide to 64500-63900 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 hourly Chart has formed "Falling wedge" pattern. The last few sessions ended up as bearish in overall, traded lower yet closed in slight green. 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 303. The upside rally could be testing all the way up to 305-307 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 297.

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