MCX Crude Oil is likely to trade with negative bias during today’s trading session - Monarch Networth Capital Ltd
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.71600 - 71400 levels whereas resistance is at Rs.72000 – 72300 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.83700 - 82700 levels whereas resistance is at Rs.85600 - 86600 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 5960 - 5000 levels whereas resistance is at Rs. 6100 - 6160 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.798 – 792 levels whereas resistance is at Rs.810 - 816 levels.
CHART OF THE DAY
MCX-GOLD (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 5960 – 5900 level and resistance at 6100 – 6160. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5960 – 5900 levels on lower side.
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