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COPPER

Technical outlook

Copper May future 2hr chart has formed "Descending broadening wedge" pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is still expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 740. The downside rally could be testing all the way up to 737-734 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might revise the trend to bullish/sideways mode. Key resistance holds at 746. A slide to 749 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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NATURAL GAS 

Technical outlook

Natural gas 2hr 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 the bearish momentum based on the price action, once break below a key support holding near 211. The downside rally could be testing all the way through 208-205 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and turn bullish/sideways once again. Key resistance holds at 214. A slide to 217-220 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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SILVER

Technical outlook

MCX Silver July futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. Last few sessions ended up in sideways mode along with some corrections inside the channel. 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 70900. The downside rally could be extending all the way up to 70300-69700 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 71500. A slide to 72100-72700 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 May future 4hr Chart has formed "Megaphone chart" pattern. The last few sessions ended up sideways along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below the current key support holding near 230. The downside rally could be testing all the way up to 228.50-227 levels in the upcoming sessions. Alternatively, if the market struggles to break the support level, then it might retest the same and revise the trend to bullish/sideways. Key resistance holds at 232. A slide to 233.50-235 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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