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COPPER

Technical outlook

Copper Dec 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 760. The upside rally could be testing all the way up to 763-766 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 751.

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 lower and closed almost flat. The market is currently 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 "Descending broadening 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 higher and closed in slight 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 62400. The upside rally could be extending all the way up to 63000-63600 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 61800. A slide to 61200-60600 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 Dec future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways in overall, where the last session has traded lower and closed in red. 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 287. The downside rally could be testing all the way up to 285-283 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 291. A slide to 293 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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