MCX Gold June futures technical chart has taken the formation of “Ascending broadening wedge” pattern in 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 prices breaks below a key support holding at 31750. The negative rally could be extending all the way up to 31600-31500 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 up to 31900-32000 levels. Key resistance holds at 32000.
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 in sideways trend but also bullish in long- term 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 be confirmed once the price breaks above a key resistance holding at 4210. The positive rally could be testing all the way up to 4260-4300 levels in the upcoming session. 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 4120-4050 level. Key support holds at 4050.
MCX Gold June futures technical chart has taken the formation of “Ascending broadening wedge” pattern in daily time frame. Last session ended up bullish in trend after few negative rallies 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 31800. The positive rally could be extending all the way up to 31900-32000 levels 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. The downside rally could test up to 31600-31500 levels. Key support holds at 31500.
Mcx Silver may 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 prices breaks below a key support holding at 37950. The negative rally could be extending all the way up to 37800-37600 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 38200-38400 level. Key resistance holds at 38400.
Natural gas daily chart has formed “Falling wedge” pattern. The last few sessions ended up in sideways trend along with some corrections inside the channel. The market is expected to continue on bearish momentum based on the price action, testing all the way through 188-182 levels in the upcoming sessions. Alternatively, if the market breaks above a key resistance holding at 198 then it might turn bullish once again. The upside rally could test up to 204-210 level. Key support holds at 182.
Aluminium daily chart has formed “Falling channel” pattern. The last few sessions ended up in bearish trend along with some corrections inside the channel. The market is expected to continue on the bearish trend based on the current price action, once the same breaks below a key support holding at 144. The downside rally could be testing all the way through 143-141 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 147-149 levels. Key resistance holds at 149.
Aluminium March Futures
Copper
Copper 4hr chart has formed “Ascending broadening wedge” pattern. The last few sessions been in bearish trend retesting near the channel’s support slope line. 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 442. The downside rally could be testing all the way through 438-434 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 450-455 level. Key resistance holds at 455.
Copper March 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 141. The downside rally could be testing all the way up to 140-139 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 147-149 levels. Key resistance holds at 149.
Lead March Futures
Nickel
Nickel daily chart has formed “Right angled Descending broadening wedge” pattern. The last few sessions been in bearish trend along with some corrections inside the channel. The market is expected to continue on the bearish term based on the current price action, once the same breaks below a key support holding at 885. The downside rally could be testing all the way through 870-860 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 900-920 level. Key resistance holds at 920.
Nickel March Futures
Zinc
Zinc daily chart has formed “Rectangle chart ” pattern. The last few sessions ended up in bearish 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 193.50. The downside rally could be testing all the way through 192-190 levels in the upcoming sessions. Alternatively, if the key support holds strong then the market might retest the same and turn bullish. The upside rally could test up to 196-200 levels. Key resistance holds at 200.
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