Commodity Evening Technical Report - March 06, 2023 - Reliance Securities

By Mr.Jatin Gohil, Technical & Derivative Analyst at Reliance Securities

ENERGY

MCX Crude oil future is trading in upward trading channel, where commodity is facing hurdle near the higher level. For the evening session, outlook is positive and Rs. 6560 a strong resistance levels however, support can be seen around Rs. 6410 mark.

BULLION

MCX Gold April futures, observed strong rally after that it stuck in the broad range of consolidation where strong support can be seen near Rs. 55,600 and on higher side hurdle is near Rs. 56,000 mark. This remain continue in the evening session till support or resistance breaches with strong candle and volume.

BASE METALS

After a strong bullish move, MCX Copper future started declining from the higher end, where commodity started trading in descending channel which is indicating weakness in the commodity. For the evening session, outlook is negative and Rs. 760 a strong resistance levels however, support can be seen around Rs. 747 mark.

Source : Equity Bulls

Keywords

Commodities EveningTechnicalReport RelianceSecurities Energy Bullion BaseMetals