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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 slight red 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 767. The upside rally could be testing all the way up to 770-773 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 758.

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 sideways movements, where the last one had traded higher and yet closed in red. The market is currently expected to continue on the bearish momentum based on the reversal price action, once break below the current support holding near 285. The downside rally could be testing all the way through 280-275 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 310.

Technical Chart

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SILVER

Technical outlook

MCX Silver Mar futures technical chart has taken the formation of "Falling channel" 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 higher and yet closed in red. 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 62400. The downside rally could be extending all the way up to 61800-61200 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 63000. A slide to 63600-64200 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 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 286. The downside rally could be testing all the way up to 284-282 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 290. A slide to 292 is also a possibility if the price makes or break above the current resistance level.

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