Commodity Evening Technical Report - March 10, 2023 - Reliance Securities

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

ENERGY

MCX Crude oil February futures, was formed descending triangle pattern where it took breakdown and drop below the support mark which will result in another round of selling and resistance can be seen near Rs. 6270. In the evening session bias remain bearish with the support of Rs. 6100.

BULLION

MCX Gold future has formed flag pattern on the hourly chart. This represent strength in the commodity. For the father buying pressure in the commodity it has to breach support line. In the evening session, Rs. 54,350 will work as a support and Rs.55,000 as a resistance.

BASE METALS

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

Source : Equity Bulls

Keywords

Commodities EveningTechnicalReport RelianceSecurities Energy Bullion BaseMetals Gold CrudeOil Copper