Commodity Evening Technical Report - March 21, 2023 - Reliance Securities

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

ENERGY

MCX Crude Oil future is trading in the rounding bottom formation which is sign of positivity in the commodity. We might see further upside in the evening session where, Rs. 5600 will work as a support and Rs. 5760 as a resistance. If it sustain above hurdle mark then further upside can be seen.

BULLION

MCX Gold April futures, is forming descending triangle pattern on hourly chart where it is trading near the crucial zone. Breaching any of the level will confirm the short term trend for the commodity. In the evening session support for the commodity will be Rs. 59050 and hurdle at the Rs. 59450.

BASE METALS

MCX Copper future was trading in horizontal channel where commodity took breakout of the formation. If commodity able to sustain above the previous resistance then only positivity will continue in the commodity. Support can be seen near Rs. 762.

Source : Equity Bulls

Keywords

Commodities EveningTechnicalReport RelianceSecurities CrudeOil Gold Copper BaseMetals Bullion Energy