Commodity Evening Technical Report - March 08, 2023 - Reliance Securities

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

ENERGY

MCX Crude oil March futures, is trading near the support level of the disjointing trendline where drop below this mark will result in selling pressure in the commodity. In the evening session Rs. 6320 will work as an important support level for the Crude oil and resistance can be seen near Rs. 6440.

BULLION

MCX Gold April future has formed inverted flag pattern on the hourly chart. This represent weakness in the commodity. For the father drop in the commodity it has to breach support line. In the evening session, Rs. 54,875 will work as a support and Rs. 55,035 as a resistance.

BASE METALS

MCX Copper future is trading in downward trading channel, where commodity is facing hurdle near the higher level. For the evening session, outlook is negative and Rs. 750 as a strong resistance levels however, support can be seen around Rs. 742 mark.

Source : Equity Bulls

Keywords

Commodities Gold Silver Bullion Energy CrudeOil BaseMetals Copper