IGI Logo

COPPER

Technical outlook

Copper Nov future daily chart has formed "Right angled ascending broadening wedge" pattern. There were few bearish rallies within the channel in the last few sessions, while the market has traded sideways 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 754. The upside rally could be testing all the way up to 757-760 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 745. 

To Read Complete Report & Disclaimer Click Here

NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Ascending broadening wedge” pattern. Over the last few sessions, we have seen some rapid movements, where the last one had traded lower and closed in strong red. The market is expected to continue on the bearish momentum based on the price action, once break below a key support holding near 430. The downside rally could be testing all the way through 425-420 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 445.

To Read Complete Report & Disclaimer Click Here

SILVER

Technical outlook

MCX Silver Dec futures technical chart has taken the formation of "Ascending broadening wedge" pattern in 4hr time frame. There have been a few sideways sessions along with slight corrections within the channel, where the last one has traded lower but closed almost flat retesting near the channel’s support line. 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 65300. The upside rally could be extending all the way up to 65900-66500 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 64700. A slide to 64100- 63500 is also a possibility if the price makes or break below the current support level.

To Read Complete Report & Disclaimer Click Here

ZINC

Technical outlook

Zinc Nov future 2hr Chart has formed "Descending broadening wedge" pattern. The last few sessions ended up as bearish in overall, where the last session has traded little higher and closed in green. 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 286. The upside rally could be testing all the way up to 288-290 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 280.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://enrichbroking.in/disclaimer
SEBI Registration number is INZ000078632

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer