MCX crude Oil futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 4-hours’ time frame. Previously few sessions ended up bullish in trend and retesting inside the chancel. 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 be confirmed once the prices breaks above a key resistance holding at 4100. The positive rally could be testing all the way up to 4150-4200 level in the upcoming session. An alternative scenario indicates that if 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 3950 level. Key support holds at 3950.
MCX Gold April futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last few sessions ended up bullish in trend along with some corrections inside the channel, where the market is expected to continue on bullish momentum. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 33950. The positive rally could be extending all the way up to 34100-34200 levels in the upcoming sessions. An alternative scenario indicates that if the key resistance holds strong then trend to bearish once again. The downside rally could test up to 33800-33650 levels. Key support holds at 33650.
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, testing all the way through 133-135 levels in the upcoming sessions. Alternatively, if market breaks below a key support holding at 130 then it might turn bearish once again. The downside rally could test up to 128-126 levels. Key resistance holds at 135.
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 454. The upside rally could be testing all the way through 458-462 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 445-440 levels. Key support holds at 440.
Copper Feb Futures
Lead
Lead daily chart has formed “Falling channel” pattern. The last few sessions ended up bearish in trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the current price action, once the same breaks below a key support holding at 142.50.The downside rally could be testing all the way up to 141-140 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish once again. The upside rally could test up to 145-146 level. Key resistance holds at 146.
Lead Feb Futures
Nickel
Nickel daily chart formed “Right-angled Descending broadening wedge” pattern. The last session has been in bullish trend after a few negative rallies inside the channel. The market is expected to continue on the bullish term based on the based on the current price action, once the same breaks above a key resistance holding at 902. The upside rally could be testing all the way through 910-920 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 875-860 levels. Key support holds at 860.
Nickel Feb Futures
Zinc
Zinc daily chart has formed a “Rectangle chart” pattern. The last session ended up bullish in trend after a few negative rallies inside the channel. The market is expected to continue on bullish momentum based on the current rice action, once the same breaks above a key resistance holding at 192.50. The upside rally could be testing all the way through 194-196 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 188-185 levels. Key support holds at 185.
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 some corrections inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the prices breaks above a key resistance holding at 40660. The positive rally could be extending all the way up to 40800-41000 levels in the upcoming sessions. Alternative scenario indicates that if the key resistance holding strong then the market might have a chance to retest the same and revise the trend to beaish once again. The downside rally could test up to 40400-40200 levels. Key support holds at 40200.
Natural gas daily chart has formed “Falling wedge” pattern. The last few sessions ended up in sideways trend retest near the channel,s support slope line. The market is expected to continue on bullish momentum based on the price action, once the same breaks above 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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