Aluminium daily chart has formed a “Falling channel” pattern. The last few sessions ended up in a sideways trend but also bullish along with some corrections inside the channel. The market is expected to continue on the bullish trend based on the current price action, once the same breaks above a key resistance holding at 136. The upside rally could be testing all the way through 138-140 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 133 130 levels. Key support holds at 130.
Aluminium March Futures
Copper
Copper 4hr chart has formed “Ascending broadening wedge” pattern. The last few sessions been in bullish trend and consolidated inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 466. The upside rally could be testing all the way through 470-475 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 458 level. Key support holds at 458.
Copper March Futures
Lead
Lead daily chart has formed a “Falling channel” Pattern. The last few sessions ended up bullish in trend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 154.50. The upside rally could be testing all the way up to 156-157 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 152-150 level. Key support holds at 150.
Lead March Futures
Nickel
Nicked daily chart has formed “Right angled Descending broadening wedge” pattern. The last few sessions been in bullish trend along with some corrections inside the channel. The market is expected to continue on the bullish term based on the current price action, once the same breaks above a key resistance holding at 930. The upside rally could be resting all the way through 940-950 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 915-900 levels. Key support hold at 900.
Nickel March Futures
Zinc
Zinc daily chart has formed “Rectangle chart” pattern. The last few sessions ended up bullish in rend along with some corrections inside the channel. The market is expected to continue on bullish momentum based on the current price action, once the same breaks above a key resistance holding at 200. The upside rally could be testing all the way through 202-204 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish once again. The downside rally could test up to 195-193 levels. Key support holds at 193.
MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in bearish trend along with some corrections inside the channel, where the market is expected to continue on the bearish trend. The continuation of the trend will be confirmed once the price breaks below a key support holding at 39000. The negative rally could be extending all the way up to 38900-38700 levels in the upcoming sessions. An alternative, scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 39400-39700 level. Key resistance at 39700.
Natural gas daily chart has formed “Falling wedge” pattern. The last few sessions ended up in bullish trend retesting near the channel’s resistance slope line. The market is expected to continue on bullish momentum based on the the price action, once the same breaks above a key resistance holding at 202. The upside rally could be testing all the way through 208-212 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the and turn bearish. The downside rally could test up to 190-185 level. Key support holds at 185.
MCX Crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. Previously few session ended up bullish in trend along with some corrections inside the channel. AS per the technical aspects based on the current price action, the market is expected to continue on bullish trend. The continuation of the trend will only be confirmed once the price breaks above a key resistance holding at 4100. The positive rally could be testing all the way up to 4180-4250 level in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then the market might have a chance to retest the same and revise the trend to bearish once again. Such reversal could possibly test up to 3980-3900 level. Key support holds at 3900.
MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in a daily time frame. Last few session ended up bearish in trend along with some corrections inside the channel, where the market is expected to continue on bearish momentum. The continuation of the trend will be confirmed once the price breaks below key support holding at 32900. The negative rally could be extending all the way up to 32800-32700 levels in the upcoming sessions. An alternative scenario indicates that if the key support holds strong then the market might have a chance to retest the same and revise the trend to bullish once again. The upside rally could test up to 33200-33350 levels. Key resistance holds at 33350.
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