Points To Remember when using Pivot levels
Three most important pivot levels are
Pivot point -P
First Resistance-R1
First Support-S1.
In any MCX Commodity opens above Pivot go for Buy with Target of two(or) three point below the level of First Resistance(R1) level and keeping the level of Stoploss of first support (S1).Mostly, First level(S1/R1) of Weekly pivot levels can be achieved in a week trading.
In Weekly Pivot levels are useful when MCX market trading in New Range/Levels.Weekly Pivot levels more likely to useful for Trend Reversal/Breakout points.When MCX commodities Market trading in downwards/price falling ,weekly Pivot levels may give prediction of Market s downside point/Support/Trend reversal point.
Pivot Points and Support and Resistance levels behave exactly like any historical Support and Resistance level.Pivot Support and Resistance level are 60-80 % merely correlate with Historical support and resistance.
Supports and Resistances are more helpful for fixing MCX Target &Stop loss. For Target in MCX Buying,Keep Target below Resistance level,In Selling Keep target above Support level.
For Stop Loss Fixing in MCX, Buying in MCX mean Keep Stop loss below Support level,Selling in MCX mean keep Stop loss above Resistance.
MCX Commodities Weekly Pivot Supports and Resistances for May'6-10''2019
| |||||||||||
Commodity
|
S3
|
S2
|
S1
|
PP
|
R1
|
R2
|
R3
| ||||
Gold
|
30486.00
|
30863.00
|
31155.00
|
31532.00
|
31824.00
|
32201.00
|
32493.00
| ||||
Silver
|
35383.33
|
36001.67
|
36696.33
|
37314.67
|
38009.33
|
38627.67
|
39332.33
| ||||
Copper
|
399.15
|
413.65
|
424.00
|
438.50
|
448.85
|
463.35
|
473.70
| ||||
Crudeoil
|
3916.00
|
4079.00
|
4193.00
|
4356.00
|
4470.00
|
4633.00
|
4747.00
| ||||
Lead
|
114.10
|
120.35
|
125.65
|
131.90
|
137.20
|
143.45
|
148.75
| ||||
Nickel
|
803.07
|
822.63
|
834.87
|
854.43
|
866.67
|
886.23
|
898.47
| ||||
Zinc
|
206.77
|
211.93
|
216.02
|
221.18
|
225.27
|
230.43
|
234.52
| ||||
Aluminum
|
140.40
|
142.60
|
144.75
|
146.95
|
149.10
|
151.30
|
153.45
| ||||
Natural Gas
|
169.63
|
173.47
|
176.03
|
179.87
|
182.43
|
186.27
|
188.83
| ||||
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