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COPPER

Technical outlook

Copper Jan future 4hr chart has formed "Rising channel" pattern. There were few sideways rallies within the channel in the last few sessions, while the market has traded lower and closed in red for the last session. The market is expected to continue on bearish momentum based on the current price action, once the same break below the current key support holding near 741. The downside rally could be testing all the way up to 738-735 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 747. A slide to 750 is also a possibility if the price makes or break above the current resistance level.

Technical Chart

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NATURAL GAS

Technical outlook

Natural gas daily chart has formed “Falling channel” pattern. Over the last few sessions, we have seen some sideways movements, where the last one had traded sideways and closed almost flat. The market is currently expected to continue on the bearish momentum based on the price action, once break below the current support holding near 315. The downside rally could be testing all the way through 310-305 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 325. A slide to 330- 335 is also a possibility if the price makes or break above the current resistance level.

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SILVER

Technical outlook

MCX Silver Mar 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 higher and closed in green. 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 63200. The upside rally could be extending all the way up to 63800-64400 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 62000. A slide to 61400 is also a possibility if the price makes or break below the current support level.

Technical Chart

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ZINC

Technical outlook

Zinc Jan future 4hr Chart has formed "Rising wedge" pattern. The last few sessions ended up sideways in overall, where the last session has traded 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 293. The upside rally could be testing all the way up to 295-297 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 287.

Technical Chart

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