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COPPER

Technical outlook

Copper Feb future daily chart has formed "Symmetrical triangle" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded higher as expected 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 758. The upside rally could be testing all the way up to 761-764 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 749.

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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 bullish movements, where the last one had traded higher and closed in strong green. The market is currently expected to continue on the bullish momentum based on the price action, once break above the current resistance holding near 415. The upside rally could be testing all the way through 420-425 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 395.

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SILVER

Technical outlook

MCX Silver Mar futures technical chart has taken the formation of "Falling channel" 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 and closed in green. The current 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 61700. The upside rally could be extending all the way up to 62300-62900 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 60900. A slide to 60300-59700 is also a possibility if the price makes or break below the current support level.

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ZINC

Technical outlook

Zinc feb future 4hr chart has formed "Rising channel" pattern. The last few sessions ended up bullish in overall, where the last session has traded a 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 300.50. The upside rally could be testing all the way up to 302-304 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 298. A slide to 296-294 is also a possibility if the market makes or break below the current support level.

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