Mr.Jatin Gohil, Technical & Derivative Analyst at Reliance Securities
MCX Crude Oil March Future formed three black crow candle stick pattern on the hourly basis which is indicating strong weakness in the commodity. Crude Oil is still trading in downward moving channel. View will remain bearish in the evening session for the commodity where support can be seen near Rs. 5750 with the resistance of Rs. 5850.
MCX Gold April future formed bullish belt hold candlestick on hourly chart. And took breakout of the downward moving channel. It is indicating bulls control over the commodity and this may result in further positivity. The bias is revolved to bullish for the Gold where Rs. 57500 will work as a strong support on the other side hurdle can be seen near Rs. 58,100.
MCX Copper future is trading in horizontal channel where commodity is facing hurdle near Rs. 761 which works as a resistance mark for the Copper. If commodity breaches the hurdle and sustain above resistance then only we can see positivity. Support can be seen near Rs. 748.