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COPPER

Technical outlook

Copper Dec future 4hr chart has formed "Rising 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 748. The upside rally could be testing all the way up to 751-754 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 739.

Technical Chart

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Descending broadening wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded sideways and closed in green. The market is expected to continue on the bullish momentum based on the reversal price action, once break above the current resistance holding near 300. The upside rally could be testing all the way through 305-310 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 280

Technical Chart

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SILVER

Technical outlook

MCX Silver Mar futures technical chart has taken the formation of "Falling 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 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 61700. The downside rally could be extending all the way up to 61100-60500 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 62400. A slide to 63000-63600 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 Dec future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways in overall, where the last session has traded higher and closed in 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 287. The upside rally could be testing all the way up to 289-291 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 281.

Technical Chart

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