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 August 29, 2016

Commodity Sup 2 Sup 1 Pivot Res 1 Res 2
Gold 30638 30814 31067 31243 31496
Silver 43053 43515 44119 44581 45185
Crude Oil 3107 3151 3199 3243 3291
Natural Gas 187.80 192.80 195.60 200.60 203.40
Copper 304.62 306.28 308.32 309.98 312.02
Nickel 647.20 652.00 657.90 662.70 668.60
Lead 123.48 124.37 125.13 126.02 126.78
Zinc 154.05 154.90 155.50 156.35 156.95
Aluminium 108.45 109.00 109.55 110.10 110.65