MCX Contracts - Intraday Technical Outlook - April 17, 2020 - Geojit

Gold Mini May/LBMA Spot Gold

Ongoing positive momentum may continue as long as prices stay above $1702. Immediate and minor resistance is seen at $1746, a direct break above the same is required to take prices higher to $1758 followed by $1800 levels. Immediate downside turnaround point is seen at $1672. MCX GoldM Apr: Res at Rs 47480. Sup: 46280.

Silver Mini Apr/LBMA Spot Silver

As long as prices stay above $14.70 expect recovery upticks to continue with immediate resistance is seen at $15.90. A direct rise above the same would target $17.80 later. Further weakness is expected only a break of $13.80. MCX Apr: Res at 45800 Sup: 42200.

Copper Apr

Expect a choppy trade inside 402-388 levels initially and breaking any of the sides would suggest fresh direction to the commodity.

Nickel Apr

Present buying momentum would continue as long as prices stay above 882. Strong resistance is seen at 952.

Lead Mini Apr

Expect recovery upticks to continue as long as prices stay above 136. Unexpected break be-low 133 is a signal of weakness.

Zinc Mini Apr

Buying interest may continue as long as prices stay above 149. A direct dip below the same would trigger selling pressure.

Alumini Apr

Expect a choppy trading inside 135.50-132.50 levels initially. Braking any of the sides would suggest fresh direction to the commodity.

Crude Oil Apr/NYMEX Crude

Inability to break the immediate support of $19.20 expect recovery uptick for the day. However, it needs to break $23.50 to strengthen the view. A close above $28 is a signal of reversal of present bearish outlook. MCX Apr: Res at Rs 1695/ Support: 1480.

Natural Gas Apr

If unable to break the support of 117 expect recovery rallies to continue with strong resistance is seen at 144.

Source : Equity Bulls

Keywords