Commodity Evening Technical Report - March 09, 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 channel where at the bottom level MACD took the positive crossover on hourly chart. So, in the evening session Rs. 6260 will work as an important support level for the Crude oil and resistance can be seen near Rs. 6350.

BULLION

MCX Gold April future has formed positive divergence with the RSI oscillator on the hourly chart. This indicates that we might see some positive movement in the commodity. For the evening session, Rs. 54,875 will work as a support and Rs. 55,050 as a resistance.

BASE METALS

MCX Copper future is trading in downward where commodity is facing hurdle near short term EMA of 10 which is wrong as a resistance mark for the Copper. If commodity breaches the hurdle and sustain above 50 period EMA then only we can see further positivity.

Source : Equity Bulls

Keywords

Commodities EveningTechnicalReport RelianceSecurities Energy Bullion CrudeOil Gold