Dear Followers, Hope you are following our weekly and intraday technical levels and making money from it! Last week our technical levels worked well in almost all MCX commodities. To read our last week’s technical levels CLICK HERE!
Now let’s have a look at how MCX Commodities may trade in upcoming week.
This week we have various Global Economic Data to look for, few of them are:
On tuesday (17th Jan 2023), we have CHINA GDP’s Data and Empire State Manufacturing Index.
On Wednesday (18th Jan 2023), we have US Core PPI m/m, Core Retail Sales m/m, PPI m/m and Retail Sales m/m data figures.
On Thursday (19th Jan 2023), we have US Philly Fed Manufacturing Index and Unemployment Claims data
On Friday (20th Jan 2023), we have US Core Retail Sales m/m, Retail Sales m/m and Existing Home Sales data figure release.
(Probable and Actual impact of data we will publish on our Telegram Channel at the time of data release)
MCX Commodities Technical Levels
LTP – 56324
- Support: One can look for BUY ON DIPS Opportunities in MCX GOLD near 56000–55900. Below these levels support would be 55750 and Major support would be 55500.
- Resistance: On the upper side targets would be 56620–56800++ in coming days / weeks.
LTP – 69427
- Support: SILVER has immediate support around 68500 and Major Support around around 67500. One can look for Buy On Dips in SILVER.
- Resistance: SILVER has immediate resistance around 69850 to 70000. Above these targets would 70350–70600–71100. Further rally of around 1000 to 1200 is expected if it give day closing above 71200
LTP – 6462
- Support: Support zone at 6300 to 6190 and one can look for BUY ON DIPS OPPORTUNITY this week.
- Resistance: MCX CRUDE OIL has immediate resistance around 6500–6520. Cross above that and we may see rates till 6600–6635. Cross above these levels will take it to 6710–6760. A major rally of around 400 to 600 points will come in Crude Oil once it give weekly closing above 6800.
LTP – 292.40
- Support: NATURAL GAS has immediate support zone at 285–280. Sustain below this and we may see panic till 265–262 also. Further panic we will see in it once it cross and close below 260.
- Resistance: NATURAL GAS has resistance zone at 313 to 323, Untill and unless it does not give a closing above these levels till then we may see panic in it. Cross and Sustain above these levels, then we may see further uspide move till 342–355–360++ in coming days.
LTP – 772
MCX COPPER technical charts are not very clear. However the trend is still looking bullish. Follow our daily morning and evening levels for COPPER day to day trading range.
LTP – 288.50
Last week we have seen a good rally in COPPER. This week ZINC might be the superstart commodity.
- Support: ZINC has immediate support zone around 277 and Major Support zone around 271–269. One can look for Buy on dips opportunity.
- Resistance: ZINC has resistance zone at 295–299. If it cross and sustains above that levels then in coming days we may see rally till 310–318 and then 324++ in coming days / weeks.
LTP – 219.10
- Support: Immediate support zone around 216 to 214 and Major support zone at 210.
- Resistance: If ALUMINIUM gives closing above 221 then we can expect rally of 10 to 15++ points in coming days. This week one can wait for breakout and try to enter at any pull back.
For daily morning and evening MCX Commodities Technical Levels do not forget to Follow our ‘COMMODITY Telegram Channel’