Commodity Evening Technical Report - March 27, 2023 - Reliance Securities

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

ENERGY

MCX Crude Oil future is forming a symmetric triangle formation which is sign of indecisiveness in the commodity. We might see the range bound in the evening session until it breach hurdle or the support mark. Rs. 5720 will work as a support and Rs. 5820 as a resistance. If it sustain above 5820 then further upside can be seen.

BULLION

MCX Gold April future, is trading in downward moving channel on intraday basis where ADX indicator is indicating that bears are strongly maintaining their charge over the commodity. For the evening session support for the commodity can be seen near Rs. 58,500 and hurdle at the Rs. 58,900.

BASE METALS

MCX Copper future is trading in horizontal channel on daily chart where commodity stuck in the broad range. After retesting the upper band we observed some profit booking which is indicating bears are aggressive at the higher side in the commodity. Range bound momentum may continue in the commodity where Rs. 760 will work as support and 775 could be the next hurdle.

Source : Equity Bulls

Keywords

Commodities Technical Energy CrudeOil Bullion Gold BaseMetals Copper