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COPPER

Technical outlook

Copper July future 4hr chart has formed "Megaphone chart" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. 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 737.

The upside rally could be testing all the way up to 740-743 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 731. A slide to 728 is a possibility if the price makes or break below the current support level.

Technical Chart

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NATURAL GAS

Technical outlook

Natural gas 2hr chart has formed “Ascending broadening wedge” pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 298.

The upside rally could be testing all the way through 301-304 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 295. A slide to 292-289 is also a possibility if the price makes or break below the current support level.

Technical Chart

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SILVER

Technical outlook

MCX Silver Sept futures technical chart has taken the formation of "Falling wedge" pattern in daily time frame. Last few sessions ended up sideways mode along with some corrections inside the channel. 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 67500.

The upside rally could be extending all the way up to 68100-68700 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 66900. A slide to 66300-65700 is also a possibility if the price makes or break below the current support level.

Technical Chart

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ZINC
 

Technical outlook

Zinc July future daily Chart has formed "Rising wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel, near new historical high. 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 243.

The upside rally could be testing all the way up to 244 & furthermore 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 241.50. A slide to 240-238.50 levels is also a possibility if the price makes or break below the current support level.

Technical Chart

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