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Home » Weekly Update – Major MCX Commodities technical levels along with trading strategies on same.

Weekly Update – Major MCX Commodities technical levels along with trading strategies on same.

MCX Commodities weekly levels 12 to 16 April

Major MCX Commodities important support & resistance levels to look for this week

 


Bullions –
Gold (June)

 

Technical Chart of Gold
Technical Chart of Gold

 

Last week, we clearly mentioned in our weekly update that we have a clear direction in Gold, and also told that above 45700 levels it will see an upside rise till 46500—47100 levels, where it made high of 46900.

Now, what to expect??

Gold has its support at 45300 and resistance at 47000.

Break and sustain above 47000 upside rally likely to continue till 47500—47700 levels in days to come. Three consecutive close plus weekly close above 47700 will take it to 48500++ levels.

(Traders can buy Gold in panic around 46000—45700 with stop loss below 45300 on a closing basis)

Fresh selling will do on a close below 45300 levels.

Trade with the levels only.

 

 

Silver (May)

 

Technical Chart of Silver
Technical Chart of Silver

 

Last week we recommended that above 65300 levels Silver will see an upside rise till 67000—68500, where it made a high of 67735 and our initial target achieved successfully.

Now, what to expect??

Silver has its support at 65000 and resistance at 67750–68500.

Break and sustain above 67750 will take it to 68500. Three consecutive close plus weekly close above 68500 will surpass 70000++ levels in days to come.

(Traders can buy Silver in panic around 66000—65700 levels with support and stop loss below 65000 on a closing basis.)

Fresh selling will do on a close below 65000 levels only.

Trade safely with the levels only.

 

 

Base Metals – Copper (April)

 

Technical Chart of Copper
Technical Chart of Copper

 

Last week we recommended some important levels in Copper considering the range-bound market and those levels have proven great as we recommended that above 671 copper could test 675—680 and also told that close above 680 will set the positive momentum, apparently above 680 copper hit 695.35 levels.

Now, what to expect???

Copper has its support at 682 and resistance at 698.

Break and sustain above 698 will take it to 710–718 or else it could test its support levels again.

On the other hand, if it breaks below 682 then it could see downside panic again till 675—670 levels.

Trade safely with levels only.

 

 

Energy – Crude oil (April)

 

Crude Oil, support at 4180 and resistance at 4550.

Wherever it breaks and close will decide the further direction of Crude Oil.

 

 

Natural Gas (April)

 

Technical Chart of Natural Gas
Technical Chart of Natural Gas

 

Technical Aspect: Natural gas made a “Bullish Engulfing” reversal pattern on the chart. Also, given daily closing above 200 days moving average with divergence on RSI (14) suggesting that the scrip is gaining positive movement.

Now, what to expect??

Natural gas has its support at 180 and resistance at 192.

Break and sustain above 192 will see an upside move till 198. Closing on the daily chart above 198 will see more and more upside move till 210—215++ levels in days to come or else it could test its support again.

Fresh selling will do on a close below 180 levels.

Trade with the levels only.

 

 

Traders can trade safely in given MCX Commodities with levels only. Will update support and resistance levels of all MCX Commodities on our blog. So keep follow our blog to mint money from market. 

To get real time updates, news and recommendations of all major commodities on your WhatsApp. Click on the banner given below.

 

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

 

 

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