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COPPER

Technical outlook

Copper Oct 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 flat 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 722. The upside rally could be testing all the way up to 725- 728 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 713

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Ascending broadening wedge” pattern. Over the last few sessions, we have seen some sideways movements, where the last one had traded a higher and closed in strong green. Breaking above and creating historical high. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 416. The upside rally could be testing all the way through 419-422 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 404

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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 sideways sessions along with slight corrections within the channel, where the last one has traded a little higher but closed flat. 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 60300. The downside rally could be extending all the way up to 59700-59100 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 60900. A slide to 61500-62100 is also a possibility if the price makes or break above the current resistance level.

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ZINC

Technical outlook

Zinc Oct future 4hr Chart has formed "Ascending broadening wedge" pattern. The last session ended up bearish with few corrections, traded lower after retesting the historical high. 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 259.50. The downside rally could be testing all the way up to 258-256.50 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 261. A slide to 262.50-264 is also a possibility if the price makes or break above the current resistance level.

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