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Home » Weekly Overview – MCX Commodities weekly support and resistance levels (19th to 23rd July 2021)
Commodity Levels for the day Commodity weekly update

Weekly Overview – MCX Commodities weekly support and resistance levels (19th to 23rd July 2021)

MCX Commodities Weekly Support and Resistance 11

 

 

MCX Commodities Weekly Support and Resistance

 


MCX BULLDEX

 

MCXBULLDEX July contract has settled flat at 14718 on last week from the previous closing price of 14745. Now the next resistance is at around 15000 and support is around 14500. Break and sustain above 15000 can see the upside move towards 15300/15500 and sustainable trade below 14500 will see the downside move towards 14250/14000 respectively.

(Note: Expected trend sideways to positive.)

 

GOLD

 

Gold August contract has settled little higher on the MCX platform at 48053 from the previous closing price of 47923. The price has been sustained above the weekly resistance line of 48000 and made the high 48500 last week. Now the crucial resistance is at around 48750. Sustainable trade above it can move upside towards the next resistance level of 49200/49700 and if sustains below the weekly support level of 47450 then we can see the downside move towards 47000/46500 again.

(Note: Expected trend positive.)

 


SILVER

 

SILVER Sep MCX again bounced from it support level of 68000 last week, made high 70017 and settled at 68319. The next support has at around 67500 and resistance 71000. Break and sustain above 71000 will take it to 72300/73500 and if sustains below 67500 then can see further downside towards 66500/65000 respectively.

(Note: Expected trend sideways to positive.)


CRUDE OIL

 

CRUDE OIL August MCX settled lower at 5375 from the previous closing price of 5521. Last week price slipped from its high of 5603 to 5259. More correction can expect this counter in this week. Now the weekly support is seen at 5250 and resistance 5700. Selling is advisable in this week for the targets towards 5000/4700 level if it breaks and sustains below 5250. Major resistance and stop loss will remain 5740 on closing basis.

(Note: Expected trend negative.)

 


NATURAL GAS

 

From last couple of weeks Natural gas traded flat but well sustained above the short-term resistance line of 260.  We can also expect some correction in this week, but trend will remain positive. Now the next resistance will be at 284 and support is seen at 261. If the price breaches the resistance level of 284 then it can move upside towards 300/320 level and if it break below 261 then can move towards 250 maximum.

(Note: Expected trend sideways to positive.)

 

 

COPPER

 

COPPER July MCX settled little lower to flat at 730.90 from the previous closing price of 731.75. Now the weekly support is at 715 and resistance at 742. Break and sustain above 742 can see the upside move towards the next resistance level of 755/770. Sustainable trade below 715 will catch the downside move again towards the next support level of 700/685.

 (Note: Expected trend sideways to positive.)

 

 

LEAD

 

LEAD July MCX settled little lower at 178.40 after hit the high of 179.85. Now the next resistance is at 182 and support is at 168. If the price will breach the resistance level of 182 then we can see the good upside move towards 190/195 and below 168 can catch the downside move again towards 163/158.

(Note: Expected trend sideways to positive.)

 

 

ZINC

 

ZINC July MCX settled higher at 243.85 from the previous closing price of 242.40. The next weekly resistance is at 245 and support is at 236.  Sustainable trade above 245 will catch the upside move again but the view will be intact until the recent low 236 is not interrupted.  Sustainable trade below 236 can see the further downside move towards 230/225 again.

 (Note: Expected trend positive.)

 

 

NICKEL

 

NICKEL July MCX the next resistance is seen at 1457 and support is at 1380.  Last couple of weeks we have seen good positive move in this counter and now also sustained above the resistance line of 1400 level. Again, if the price sustains above 1457 then we can see the upside move towards 1485/1500 and below 1380 can see further downside move up to 1360/1340 levels, respectively.

(Note: Expected trend positive.)

 

 

ALUMINIUM

 

ALUMINIUM July MCX next resistance is at 202.50 and support 192. The price has not been sustained above the weekly resistance level of 200 and closed below it. If break and sustained above 202.50 then it can move further upside towards 208/212 and below 192 will see the downside move towards 187/182 very soon.

(Note: Expected trend sideways to positive.)

 

MCXMETLDEX

 

MCXMETLDEX July the next resistance is at 15900 and support is at 14950.  Sustainable trade above 15900 will see the upside move towards 16200/16500 and below 14950 can see the downside move towards 14700/14500 levels, respectively.

(Note: Expected trend sideways to positive.)

Traders can trade safely in above mentioned MCX Commodities with given levels. To get daily support and resistance levels visit our blog and get Live Updates on your WhatsApp.

 

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We are SEBI Register investment advisor. Above Free information is only for education and knowledge purpose. Kindly read disclaimer on our website and follow due diligence before trading and investing in it.

 

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