Mr.Jatin Gohil, Technical & Derivative Analyst at Reliance Securities
MCX Crude oil March has shown a volatility in increased after the gap up opening. And formed Megaphone formation. For the father direction commodity has to breach any of the line. In the evening session, Rs. 6325 will work as a support and Rs. 6475 as a resistance. Breaching of any mention level will result in trend direction.
MCX Gold April dropped after a positive move. As drawn in the above chart, it started correcting from higher end where it is forming rounding top formation. Wherever, support of formation can seen at Rs. 55,780 per 10 gram and hurdle near Rs. 56,250 per 10 gram. For the evening session, Rs. 55,780 per 10 gram are a strong support and on flip side, Rs. 56,250 per 10 gram is resistance.
MCX Copper February futures, is forming symmetric triangle pattern on the hourly chart. Where it took breakout of the formation and observed throwback in the commodity. This remain continue in the evening session till it sustain above 790 mark.