Our Cash Segment, June 2020 profit exceded 100%++. Calculation done as per the first target basis. Package price only Rs 7,000 + GST per month. Hurry! Subscribe it today and get profitable research calls. For more details call your RM or Call us on +91-7065111166.
Home » MCX WEEKLY UPDATE- Technical levels of Silver, Crude Oil and Copper.
Basemetal Commodity weekly update Crude & Natural Gas Full Mcx Gold & Silver

MCX WEEKLY UPDATE- Technical levels of Silver, Crude Oil and Copper.

Copper Silver Crude Oil

 

 

Weekly support & resistance levels of Silver, Crude Oil and Copper.

 

Silver
Technical Chart of Silver
Technical Chart of Silver
 

We have seen a tremendous rally in silver from the level of 40700 to the level of 49499 and then it took correction to the level of 47052 where it has given us a support level.

Rally likely to remain to continue if it holds its support level of 47000 and breaks the resistance level of 49500 as all technical indicators are supporting our positive view in it as it is trading above 100 and 200 days moving average and RSI has not started making lower lows.

Now, Silver has its support at 47000 and resistance at 49500.

Break and sustain above 49500 could see upside rally again till 52000—53000+++ levels or else it could test its support again.
More and more upside move will get to see on a close above 53000.

Risky traders can buy silver on dip close to 47000 as per their risk appetite.

Fresh selling will do on a close below 47000.

Trade with the levels only.

 

Crude Oil
Technical Chart of Crude Oil
Technical Chart of Crude Oil

 

Crude oil has given continuous rally from the bottom level of 795 to the level of 2638 where it took resistance of 100 days moving average on 21st May 2020 which was last Thursday.

Now, Crude oil has its support at 2350 and resistance at 2650.

Since Crude oil has taken resistance of its 100 days moving average around 2600. We are having two possibilities for this week are:-

If Crude oil manages to break and sustain above 2650 level then the rally will continue to the level of 2880—3000+++ levels or else it could test its support again.

On the other hand, if it manages to give close below 2350 then we can expect correction till the downside levels of 2100—2000 levels.

Trade with the levels only.

 

Copper (June)
Technical Chart of Copper
Technical Chart of Copper
 

We have seen a slow and steady rise in copper from its bottom 337.55 to the level of 421.70 where it completed its 61.8% and crashed and also taken resistance of 100 days moving average.

Now, Copper has its immediate support at 410 and resistance at 414.

Break and sustain below 410 could give downside panic till 405—400 levels or else it could test its resistance again. More and more downside panic will give on a close below 400 levels.

Fresh buying will do on a close above 414. More and more upside move will give on a weekly close above 422 levels.

Trade with the levels only.

 

Commodity Update on WhatsApp

 

Our Recommendations

Get FREE Market Updates!

Stock Market WhatsApp Broadcast
Read in your native language.
Open chat
Get Market Updates on your WhatsApp