Hope you all must have minted BUMPERRR PROFITTTT from our last week’s Commodity Weekly Levels. Last week we have witnessed major upside rally in all base metal commodities due to global supply concern. Our previous week levels in all base metals commodities respected support levels very well and took U turn from there to mark new all time high (Click here to see what we had written last week).
Not only this, Gold and Silver too respected support levels very well and exact from mentioned resistance zone reverted back. Similar dot to dot move we have witnessed in Natural Gas and Crude Oil too.
Now let’s see what we should expect this week in Base Metals other MCX Commodities
GOLD has support at 46700 while immediate resistance is at 47670
Sustainable trade above 47670 will take it to the next resistance level of 47850–48100–48370 and then to 48500. Major upside rally in GOLD we will see once it breaks and sustain above 48700.
On the downside if it breaks and sustains below the support level of 46700, then we may see some downside levels till 46540–46370 and then till 46000 levels.
SILVER has immediate support at 62100 while immediate resistance at 63900
If it breaks and sustains the resistance level of 63900 then will see upside move till 64450, 64920 and then 65550. Major upside move in SILVER, we will see only above 66200.
On downside, sustainable trade below 62100 will take it to 61550–61100 and then 60500.
From 60500 to 59800 is strong reversal zone and we will see some bounce back. Traders can create long positions on dip considering this zone as support and stop loss for long position.
COPPER has support at 770–768 and resistance at 815.
Sustainable trade above 815 will see the upside move towards 832–848–855++ in coming days.
On the downside if it breaches its support of 770–768 zone then we may see panic till 742–730
Traders can buy on dip keeping strict SL of support levels.
NICKEL has support at 1510 and resistance at 1570.
Sustainable trade below 1510 will take it to 1490 and then 1480–1470, which might prove strong reversal zone for Nickel.
Above 1570, next hurdle is 1595. Cross and sustain above 1595 we will see further 25-30 Rs move in it.
ZINC has immediate support at 305 and immediate resistance at 325.
Sustainable trade above 325 will see the upside move towards 335–347++
Selling can see this counter below 305 for the downside targets of 295–288–278
ALUMINIUM has immediate support at 242 while the immediate resistance is at 259.
Any sustainable move below 242 will take it towards 237 and then 232 which is strong reversal zone for Aluminium in near term.
For upside, any sustainable move above 259 levels will take it towards 263–269–276++ in coming days.
LEAD has a support at 184 while resistance at 196.
If it sustains below 184 then we can see 179–175 which is strong reversal zone and from there it should take a bounce back.
Sustainable trade above 196 will see the upside move towards 199 and then 204++ in coming days.
CRUDE OIL has a support at 5980 while resistance at 6210.
Sustainable trade below 5980 will take it towards 5850–5820 and then to 5770.
If sustains above the resistance level of 6210 then we will see the upside move towards 6320–6425++
Buy on dips can be a fruitful strategy in Crude Oil.
NATURAL GAS has support at 385 and resistance at 452.
If it sustains below 390 then we may see 368 and then 350.
Sustainable trade above 452 can see more rally towards 468–485 and to the next level of 515 and then further 535++ in coming days.
Traders can trade safely with levels in above mentioned MCX Commodities with given levels only.
Click on the image given below and fill your details, to get daily support and resistance levels of all mcx commodities on your WhatsApp.
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