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Copper

Technical outlook

Copper April future daily chart has formed "Ascending broadening wedge" pattern. The last few sessions ended 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 key support holding near 664. The downside rally could be testing all the way up to 661-658 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 673.

Technical Chart

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Right angled ascending broadening wedge” pattern. The last few sessions ended up sideways mode along with some corrections inside the channel. The market is expected to continue on the bullish momentum based on the price action, once break above a key resistance holding near 194. The upside rally could be testing all the way through 197-200 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 188. A slide to 185 is also a possibility if the price makes or break below the current support level.

Technical Chart

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SILVER

Technical outlook

MCX Silver May futures technical chart has taken the formation of "Ascending broadening wedge" pattern in daily 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 62800. The downside rally could be extending all the way up to 62000-61200 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 64400. A slide to 65200 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 April future daily 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 term based on the current price action, once the same breaks below a key support holding near 218.50. The downside rally could be testing all the way up to 217-215.50 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 221.50. A slide to 223 is also a possibility if the price makes or break above the current resistance level

Technical Chart

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