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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 strong green on last one. 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 718. The upside rally could be testing all the way up to 721-724 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 709.

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NATURAL GAS

Technical outlook

Natural gas 4hr chart has formed “Rounded Top chart” pattern. Over the last few sessions, we have seen some sideways movements, where the last one had traded lower 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 360. The upside rally could be testing all the way through 363-366 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 349.

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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 bullish 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 61400. The upside rally could be extending all the way up to 62000-62600 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 60800. A slide to 60200-59600 is also a possibility if the price makes or break below the current support level.

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ZINC

Technical outlook

Zinc Sept future 4hr Chart has formed "Rising wedge" pattern. The last session ended up sideways with few corrections, traded higher 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 259. The upside rally could be testing all the way up to whole 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 257. A slide to 255.50-254 is also possibility if the price makes or break below the current support level.

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