NATURAL GAS HAS BEARISH BUTTER FLY

After a choppy upward movement in last weeks, NATURAL GAS tumbled in first 4 weeks of July correcting around 13.10% and sending prices as low as 175 for MCX July contract on analyzing the weekly chart of NYMEX NG has a bearish butterfly.  Bearish Harami Candlestick pattern is seen in the PRZ  area. Hence adding caution for the existing longs in the stocks. Sustenance above 201 levels can only trigger fresh buying in the NG.

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Base Metal Tries To Absorb Recent Upmove

Base Metal futures price may be declined further on coming week after a choppy trade, because lead current price show a bearish harmonic chart in the current scenario price failed to retest the PRZ levels. We can see in coming week lead futures prices more down fall. we can talk about other base metal like cooper has a strong weekly resistance at 340.00 if the copper price could not be able to break this resistance than copper may be reversal. In other hand zinc monthly chart has a spike reversal pattern. Their target has been completed and stood monthly resistance at 154.00

lead daily chart

zinc monthly chart

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MENTHA OIL CURRENT PRICES SHOW A BEARISH HARMONIC PATTERN

The current market extension has shown extremes which are more normally associated with short to intermediate term-corrections. As shown in the below chart, on a weekly basis the market is pushing 2 weekly trend line but  Gartley pattern sometimes becomes Crab pattern. If the prices sustain On the flip side, and the price action continues beyond the prior high of 947.00, then the target for Mentha oil could be 993.00 and 1023.

MENTHA OIL WEEKLY CHART

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Jeera Futures May be a sharp correction after strong bull rally

Jeera futures current prices scenario shows may be sharp correction after the strong bull rally Because Jeera Futures prices stand at PRZ Levels. Prices may be going down at RS. 16350 for make point A than it reversal for going up to make a B point RS. 18500 than we would see again a sharp correction in after small bull rally  

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• Silver Weekly chart has two Bearish pattern

• Bearish ABCD
• Elite Wave
• Bearish ABCD: - MCX Silver price action is displaying a Bearish ABCD formation. In an AB = CD pattern the wave AB normally ends at 61.8% or some time ends at 78.6% Fibonacci retracement level (Fig Below). And wave CD normally ends at 1.618% but it sometime extended at 2.618% Fibonacci Retracement. in this scenario if the prices go down before the Retest the level of 49100 we can see more fall down in White metal. down sides levels are 45500-41200-38700. 

MCX silver Weekly chart

• Elite Wave: - Comex silver weekly chart price action is displaying a Bearish Elite Wave. The current scenario, suggests that Silver has tight resistance at 21.30 level, according to Elite Wave and ABCD Bearish Harmonic Pattern. Any strong reversal near that level could witness a correction of 3.4% of weekly closing. On the flip side, if the price action continues beyond the prior high of 21.30, then the target for White Metal could be 21.30 – 22.80 – 24.20 and 26.00
  

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