Commodity Evening Technical Report - March 22, 2023 - Reliance Securities

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

ENERGY

MCX Crude Oil future is forming a cup and handle formation which is sign of positivity in the commodity. We might see the range bound in the evening session where, Rs. 5700 will work as a support and Rs. 5800 as a resistance. If it sustain above 5800 then further upside can be seen.

BULLION

MCX Gold April future, is forming inverted flag pattern on hourly basis where it is trading at the important level. Breaching the support mark will result in strong weakness in the commodity. For the evening session support for the commodity will be Rs. 58,500 and hurdle at the Rs. 58,750.

BASE METALS

MCX Copper future was trading in horizontal channel where commodity took breakout of the formation. After taking breakout we observed some profit booking which also known as throw back in the commodity. Strong green candles point toward buying pressure in the copper. Positivity may continue in the evening where Rs. 761 will work as support and 780 could be the next hurdle.

Source : Equity Bulls

Keywords

Commodities EveningTechnicalReport RelianceSecurities Energy CrudeOil Bullion Gold BaseMetals Copper