Zinc daily chart has formed “Megaphone chart” pattern. The last session has broken the channel’s resistance slope line on bullish momentum which confirms the buy signal in the upcoming session of the market. The upside rally could test 215-216.50 levels. Previous Support has become Resistance at 217 and previous resistance become support holds at 212.
Silver daily chart continues in “Descending broadening wedge” pattern. The last few sessions been strongly bullish. Exclusively the last session has ended up retesting the channel’s resistance slope line. The retest might turn the trend to bearish and the downside rally could test all the way through 38750-38500 levels in the upcoming sessions. Alternatively, if market breaks above the channel’s resistance line then market might have a chance to continue in bullish momentum. Major Resistance holds at 40000 and Key support at 38500.
The last few sessions of Nickel market in daily technical chart seems consolidated in a gap up formation but also indicates the acquisition of selling pressure. Market is likely to fill the gap in bearish momentum and the downside rally could test all the way through 790-780 levels in the upcoming sessions. Major Resistance holds at 820 and previous resistance become support at 775.
Natural gas daily chart has formed a “falling wedge” pattern. The last few sessions seem consolidated but bullish in trend as the market have already broken out the pattern itself. The market is likely to continue on the same trend for a while, testing all the way through 198-200 levels in the upcoming sessions. Resistance holds strong near 204 and Support at 186.
Lead Daily chart has formed “Symmetrical triangle” pattern. Last few sessions seem a bit consolidated near the tip of the pattern itself. The trend remains bullish as prices retested the channel’s support slope line near 159.50. As per the technical aspects of the pattern, market is likely to retest the channel’s resistance slope line and turn bearish. The downside rally could test 161.50-160 levels in the upcoming sessions. Resistance holds at 163.50 and Support holds at 159.50
The daily chart of Copper market has broken the “Rising wedge” pattern on bearish momentum which indicates that sellers have taken control over the market. Further fall on the same trend is expected towards 458-456 levels in the upcoming sessions. A neckline support holds at 452. Once the same is broken, then the rally is likely to continue in overall bearish trend. Previous support become Resistance holds at 464.
Aluminium daily chart has formed a “Broadening top chart” pattern. The last few sessions seems consolidated near the channel’s resistance slope line. The last session exactly ended up like a “Inverse Hammer” candlestick pattern which could be read as a trend reversal one. The market is expected to turn overall bearish and the downside rally could test 142.50- 141.50 levels. Alternatively, if market breaks above the resistance level then it might continue in bullish trend. Resistance holds at 145 and Support at 140.50.