MCX Gold is likely to trade with sideways to positive bias during today`s trading session - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to positive bias during today`s trading session. Support is at Rs.71900 - 71600 levels whereas resistance is at Rs.72500 - 72800 levels.
* MCX Silver is likely to trade with sideways to positive bias during today`s trading session. Support is at Rs.91000 - 9000 levels whereas resistance is at Rs.93000 - 94000 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6100 - 6040 levels whereas resistance is at Rs. 6260 - 6340 levels
* MCX Copper is likely to trade with sideways to positive bias during today`s trading session. Support is at Rs.872 – 866 levels whereas resistance is at Rs.888 - 896 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
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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 6100 - 6040 level and resistance at 6260 - 6340. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6100 - 6040 levels on lower side
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