Support & Resistance

Trading as per support and resistance levels may be quite useful for daily trading in commodities.

  • Resistance is termed as the level where the commodity generally gets some opposite force before it can go further up.
  • Support is the level where a stock get buying interest before it can fall further.

Under the normal market conditions or in the absence of some extremely panic news the support and the resistance levels can act as good levels for initiating the buying/selling.
In general, it is advisable to buy the stock at support levels and sell at resistance levels.
In Intraday, there are few support and resistance levels known as Support1, Support2, Resistance1, Resistance2, etc.

Support Resistance Levels for Major MCX Commodity Futures for May 24, 2017

Commodity Sup 2 Sup 1 Pivot Res 1 Res 2
Gold 28558 28684 28806 28932 29054
Silver 39353 39635 39938 40220 40523
Crude 3264 3303 3324 3363 3384
Natural Gas 205.43 207.67 211.43 213.67 217.43
Copper 367.70 370.60 372.15 375.05 376.60
Nickel 595.03 599.77 603.83 608.57 612.63
Lead 130.40 132.70 134.50 136.80 138.60
Zinc 168.65 170.60 171.60 173.55 174.55
Aluminium 123.87 125.08 125.77 126.98 127.67