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COPPER

Technical outlook

Copper Nov 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 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 736. The upside rally could be testing all the way up to 739-742 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 727.

Technical Chart

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NATURAL GAS

Technical outlook

Natural gas 4hr chart has formed “Descending broadening wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded 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 385. The upside rally could be testing all the way through 390-395 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 365.

Technical Chart

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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 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 65300. The downside rally could be extending all the way up to 64700-64100 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 65900. A slide to 66500-67100 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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ZINC

Technical outlook

Zinc Nov future 4hr Chart has formed "Falling wedge" pattern. The last few sessions ended up bearish in overall, where the last session has traded higher and 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 268. The upside rally could be testing all the way up to 270-272 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 262.

Technical Chart

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