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 443. The upside rally could be testing all the way through 448-452 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 438-433 levels. Key support holds at 433.
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 148.50. The upside rally could be testing all the way up to 150-151 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 146-145 level. Key support holds at 145.
Lead Feb Futures
Nickel
Nickel daily chart has 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 current price action, once the same breaks above a key resistance holding at 888. The upside rally could be testing all the way through 900-910 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 870-860 key support holds at 860.
Nickel Feb Futures
Zinc
Zinc daily chart has for “Rectangle chart pattern. The last session ended up bullish in trend after a few negative rallies inside the channel. The The market is expected to continue on bullish momentum based on the price action, testing all the way through 190-196 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 186-184 levels. Key support holds at 184.
Natural gas daily chart has formed a “Falling wedge” pattern. The last few sessions ended up in sideways trend retesting near the channel’s support slope line. The market is expected to continue on bullish momentum based on the price action, testing all the way through 190-196 levels in the upcoming sessions. Alternatively, in the market breaks below key support holding at 180 then it might turn bearish once again. The downside rally could test up to 175 levels. Key resistance holds at 196.
MCX Silver March futures technical chart has taken the formation of “Megaphone chart” pattern in daily time frame. Last sessions ended up in bullish trend aftera few negative rallies inside the channel, where the market is expected to continue on the bullish trend. The continuation of the trend will be confirmed once the price breaks above a key resistance holding at 40100. The positive rally could be extending all the way up to 40300-40500 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 39800-39500 levels. Key support holds at 39500.
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 price breaks above a key resistance holding at 33450. The positive rally could be extending all the way up to 33550-33600 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 33200-33100 levels. Key support holds at 33100.
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 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 3980. The positive rally could be testing all the way up to 4080-4150 level in the upcoming sessions. An alternative scenario indicates that if the 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 3800 level. Key support holds at 3800.
MCX CrudeOil Futures technical chart has taken the formation of “Ascending broadening wedge” pattern in a 4-hours time frame. Previously few sessions ended up bullish in trend and retesting inside the channel. As per the technical aspects based on the current price action, the market is expected to confirm once the prices break above a key resistance holding at 3900. The positive rally could be testing all the way up to 3950-4000 level in the upcoming sessions. 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 3800-3730 levels. Key support holds at 3730.
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