Commodity Evening Technical Report - March 20, 2023 - Reliance Securities

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

ENERGY

MCX Crude Oil March futures, is trading in the downward moving channel on hourly chart. Which is indicating weakness in the commodity. Negativity remains continue in the evening session where Rs. 5460 will might work as a hurdle and support can be seen near the Rs. 5300 mark.

BULLION

MCX Gold future has formed flag pattern on the half hourly chart. This continuation pattern represent bullish movement may continue in the commodity. Further round of buying in the commodity can be seen if it sustain above the Rs. 59,850. In the evening session, Rs. 59,430 will work as a support and Rs.59,850 as a resistance.

BASE METALS

MCX Copper future is still trading in horizontal channel where commodity is facing hurdle near Rs. 761 and support at Rs. 745. We will see the range bound movement only till the time it breaches any of the above mentioned level.

Source : Equity Bulls

Keywords

Commodities Energy CrudeOil Bullion Gold BaseMetals Copper RelianceSecurities