MCX Crude Oil is likely to trade with positive bias during today’s trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade sideways to positive bias during today’s trading session. Support is at Rs.47600 levels whereas resistance is at Rs.48100- 48300 levels.
* MCX Silver is likely to trade sideways to positive bias during today’s trading session. Support is at Rs.64300 levels whereas resistance is at Rs.65100- 65400 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6230 levels whereas resistance is at Rs.6340 – 6390 levels. Buying above 6340 is advised targeting Rs.6390 – 6430 levels.
* MCX Copper is likely to trade sideways to positive bias during today’s trading session. Support is at Rs.738 levels whereas resistance is at Rs.754 – 758 levels.
CHART OF THE DAY
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during last trading session
* It was closed above upward sloping trend line in intraday trading session.
* For Intraday session immediate support is at 6230 – 6160 level and resistance at 6340 – 6390. If price sustains below the immediate resistance level of 6340 level then it will provide further momentum towards 6390 – 6430 levels on the lower side.
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