By Mr.Jatin Gohil, Technical & Derivative Analyst at Reliance Securities
MCX Crude oil march futures, was trading in the positive chart structure where it formed higher highs and higher lows. However, bears successfully took breakdown of the trend line which is sign of weakness. In the evening session if bulls unable to recapture their charge then weakness may continue till Rs. 6250 with the hurdle of Rs. 6400.
MCX Gold April futures, is forming descending triangle pattern on the 15 minutes chart. This indicates that strong support at lower end and resistance is squeezing where further direction can be seen if it breach any of the level. This remain continue in the evening session till support or resistance breaches with strong candle and volume.
As drawn in the above chart, MCX Copper fut is trading in narrow range of consolidation, where commodity is facing hurdle near the Rs. 752.4 and support at Rs. 746. For the evening session, outlook is positive and Rs. 752.4 a hurdle levels however, support can be seen around Rs. 746 mark.