MCX crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. Previous session ended up bearish in trend and consolidated, retesting near the channel’s resistance slope line. As per the technical aspects based on the current price action, the market is expected to continue on bearish trend. The negative rally could be testing all the way up to 4000-3950 level in the upcoming sessions. An alternative scenario indicates that if the market break above a key resistance zone holding at 4100 then it might turn bullish once again. Such break out could possibly test up to 4200 level. Key support holds at 3950.
MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in a daily time frame. Last few sessions 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 33400. The negative rally could be extending all the way up to 33300-33200 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 33800 levels. Key resistance holds at 33800.
Aluminium daily chart has formed “Falling channel” pattern. The last few sessions ended up in sideways trend 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 133. The upside rally could be testing all the way through 135-136 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 130-128 levels. Key support holds at 128.
Aluminium Feb Futures
Copper
Copper 4hr chart has formed “Ascending broadening wedge pattern. The last few sessions been in bullish trend but also consolidated near the channel’s support slope line. 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 460. The upside rally could be testing all the way through 464-468 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 450-445 levels. Key support holds at 445.
Copper Feb Futures
Lead
Lead daily chart has formed “Falling channel” pattern. The last session ended up bullish in trend after few negative rallies 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 145.50.The upside rally could be testing all the way through 464-468 levels in upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same turn bearish once again. The downside rally could test up to 450-445 levels. Key support holds at 445.
Lead Feb Futures
Nickel
Nickel daily chart has formed “Right angled Descending broadening wedge” pattern. The last session been in bullish trend after few negative rallies 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 920. The upside rally could be testing all the way through 930-940 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 900-880 levels. Key support holds at 880.
Nickel Feb Futures
Zinc
Zinc daily chart has formed “Rectangle chart” pattern. The last session ended up bullish in trend after few negative rallies 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 195. The upside rally could be testing all the way through 196-198 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 191-189 levels. Key support holds at 189.
MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last few sessions ended up in bullish trend along with some corrections retesting near the channel’s resistance slope line, where the market is expected to continue on the bearish trend. The negative rally could be extending all the way up to 40800-40500 levels in the upcoming sessions. An alternative scenario indicates that if the market breaks above a key resistance holding at 41000 then the market might continue on bullish once again. The upside rally could test up to 41200 level. Key support holds at 40500.
Natural gas daily chart formed “Falling wedge” pattern. The last few sessions ended up in sideways trend retesting near the channel,s resistance slope line. The market is expected to continue on bullish momentum based on the price action, once the same breaks above a key a key resistance holding at 192. The upside rally could be testing all the way through 194-198 levels in the upcoming sessions. Alternatively, if the key resistance holds strong then the market might retest the same and turn bearish. The downside rally could test up to 180 level. Key support holds at 180.
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