MCX COMMODITY UPDATES :
- Crude oil Aug MCX :
Immediate support is at 4940 levels. Break below the same it is likely to extend its drop until 4918/4900 levels. Expected trading range would be 4960-4520 levels. Either side breakout would clear the direction. CMP 4997.
We suggest selling on pullbacks.
- Natural gas July MCX :
Prices have breached the resistance at 175.80 levels and currently hovering above the same suggests further upside movements. Key support level to watch for intraday is at 173 levels, which is likely to hold upside view. Upside potential is seen until 178/180 levels. We suggest buying on dips. CMP 176.5
- Gold Aug MCX :
A stiff resistance is observed near 29600 levels, which is likely to limit the upside gains. Sustained trades below the same prices are likely to move in the band of 29480-29600 levels. Prices are likely to see some dips in intraday towards 29510/29480 levels if the resistance at 29590 holds. Momentum traders can go short near 292550-29560 levels for a possible target of 29510/29480 with stoploss above 29605. CMP 29540
- Silver Sep MCX :
Only a significant break above 53100 would confirm intraday upside view. Sustianed trades below 53100 would lead the prices to move in the range of 52600-53100 levels. CMP 59850
- Copper Aug MCX :
Sustained trades below 423 would lead the prices to remain lower. Break below 417 would trigger fresh selling towards 415 levels. Copper Aug MCX : Sell below 418 TP 415 SL above 420. CMP 419.3CMP 418.55