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 June 27, 2016

Commodity Sup 2 Sup 1 Pivot Res 1 Res 2
Gold 29210 30306 31115 32211 33020
Silver 41136 41764 42377 43005 43618
Crude Oil 3123 3195 3277 3349 3431
Natural Gas 180.57 182.63 184.67 186.73 188.77
Copper 310.57 313.93 316.52 319.88 322.47
Nickel 589.70 599.00 606.50 615.80 623.30
Lead 113.60 114.75 115.50 116.65 117.40
Zinc 133.10 135.10 136.20 138.20 139.30
Aluminium 107.32 108.23 109.02 109.93 110.72