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Home » Weekly MCX Update – Technical support & resistance levels of major commodities along trading strategies on same.
Commodity weekly update Full Mcx

Weekly MCX Update – Technical support & resistance levels of major commodities along trading strategies on same.

MCX weekly levels 08 to 12 march 2021

Major MCX Commodities weekly support and resistance levels.

 

Bullion – MCX Gold (Apr)

 

Support & Resistance of Gold
Technical Chart of Gold

 

Last week we have seen heavy selling pressure in Gold from the level of 46139 to the level of 44217, fell almost 2000 points, and trading in a downtrend channel line where we have seen that Gold took the support of the channel line and ended with hammer candle on the daily chart.

Now, what to next???

MCX Gold has its support at 44200 and resistance at 44750.

Break and sustain above 44750 will take it to 45500–45700. Close above 45700 will see more and more upside move till 46600—47000 levels.

On the other hand, if it fails to break above 44750 and break below 44200 then the panic likely to continue till 43500—43000 levels.

Trade safely with the levels only.

 

Silver (May)

 

Support & Resistance of MCX Silver
Technical Chart of Silver

 

Last week we have seen heavy selling pressure in Silver from the level of 69872 to the level of 64875, which fell almost 5000 points. After making a low of 64875, Silver found the support of the level of 11th Jan 2021 day low and also of Super trend (10, 4) and bounced back to the level of 66099 levels and closed at 65717, suggesting that it might take reversal from this level.

Now, what to expect??

MCX Silver has its key support at 64700 and resistance 66100.

Break and sustain above 66100 will take it to 68000—69400 levels or else it could test its support level again.

On the other hand, if it fails to break above 66100 and break below 64700 then the panic likely to continue till 63500—63000 levels.

Trade safely with the levels only.

 

Base Metals – Nickel (March)

 

Technical Chart of MCX Nickel
Technical Chart of Nickel

Last week we have seen a blood bath in Nickel from the level of 1373.50 to the level of 1158.30, fell more than 200 points. It took exact support of 200 days moving average at 1158.30 levels on the daily chart and bounced back.

Now, what to expect??

Nickel has its support at 1158 and resistance at 1220.

Break and sustain above 1220 could see a rise till 1280—1300 levels or else it could test its support again.
On the other hand, if it failed to hold its support level of 1158 and it could see downside panic again till 1100—1070 levels.

Trade safely with the levels only.

 

Energy – Crude Oil (March)

 

 

Technical Chart of MCX Crude Oil
Technical Chart of Crude Oil

Crude Oil looks extremely positive on the chart as it has given breakout above the key resistance of 4700 levels where it has broken the double top pattern of which 1st top was made on 24th April 2019 and the other one on 6th Jan 2020 and also given weekly closing at 4858.

Now, what to expect??

Crude oil has its support at 4700 and resistance at 4870.

Break and sustain above 4870 will see upside move till 5100—5300++ levels in days to come or else it could test its support again.

(Traders can buy Crude oil around 4850—4800 for the upside target of 5100—5300++ levels with support and stop loss below 4700 on a closing basis.)

Fresh selling will do on a close below 4700 levels.

Trade with the levels only.

 

 

 

Traders can trade safely with levels in given MCX Commodities. More news & updates will send during market hours.

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We are a SEBI registered investment advisor. Above free information is only for education/knowledge purposes. Read disclaimer on our website before investing.

 

 

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