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- Trading as per support and resistance levels may be quite useful for intraday trading in commodities.
- Resistance is termed as the level where the commodity generally gets some opposite force before it can go further up.
- A support is the level where a Commodity get buying interest before it can fall further.
- Under the normal market conditions or in the absense 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 commodities at support levels and sell at the resistance levels.
- In Intraday, there are few support and resistance levels known as Support1, Support2, Resistance1, Resistance2, etc.
MCX Metals Support and Resistance for 20th February 2013
Commodity
|
Support 2
|
Support 1
|
Pivot
|
Resistance 1
|
Resistance 2
|
|
|
|
|
|
|
Aluminium MCX Feb-13
|
111.52
|
112.08
|
112.87
|
113.43
|
114.22
|
Copper MCX Feb-13
|
433.12
|
435.38
|
439.02
|
441.28
|
444.92
|
Nickel MCX Feb-13 |
922.60
|
933.80
|
951.40
|
962.60
|
980.20
|
Lead MCX Feb-13 |
127.28
|
127.92
|
128.73
|
129.37
|
130.18
|
Zinc MCX Feb-13
|
114.50
|
115.05
|
115.60
|
116.15
|
116.70
|
|