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COPPER

Technical outlook

Copper Feb 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 higher 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 751. The upside rally could be testing all the way up to 754-757 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 742.

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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 in slight red. The market is currently expected to continue on the bearish momentum based on the 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 305.

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SILVER

Technical outlook

MCX Silver Mar futures technical chart has taken the formation of "Rising 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 sideways and closed in slight green. The current 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 63000. The downside rally could be extending all the way up to 62400-61800 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 63800. A slide to 64400-65000 is also a possibility if the price makes or break above the current resistance level.

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ZINC

Technical outlook

Zinc feb future 4hr Chart has formed "Rising channel" pattern. The last few sessions ended up sideways in overall, where the last session has traded sideways 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 297. The upside rally could be testing all the way up to 299-301 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 293. A slide to 291 is also a possibility if the price makes or break below the current support level.

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