For Intraday session we expect CRUDE OIL prices to trade with a positive bias - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
MCX Gold is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.45900 levels whereas resistance is at Rs.46200- 46400 levels.
MCX Silver is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.60100 levels whereas resistance is at Rs.61100- 61500 levels. Selling below 60100 is advised targeting Rs.59700 – 59400 levels.
MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.5530 levels whereas resistance is at Rs.5630 – 5680 levels. Buying above 5600 is advised targeting Rs.5630 – 5680 levels.
MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.716 levels whereas resistance is at Rs.724 - 728 levels. Buying above 724 is advised targeting Rs.728 – 730 levels
CHART OF THE DAY MCX
CRUDE OIL (DAILY CHART)
Strategy: Intraday
CRUDE OIL prices traded with positive bias during the last trading session and recovered from lower levels
It closed above the upward sloping trend line in intraday trading session
For Intraday session we expect CRUDE OIL prices to trade with a positive bias. If price sustains above the immediate resistance level of 5600 level then it will provide further momentum towards 5630 - 5680 levels on the higher side.
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