COPPER prices traded with negative bias during the last trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.48200 levels whereas resistance is at Rs.49200- 49500 levels. Selling is advised below Rs.48500 levels for the target prices of Rs.48200 – 48000 levels
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.69700 levels whereas resistance is at Rs.71800 – 72500 levels. Selling is advised below Rs.70500 levels for the target prices of Rs.69700 – 69000 levels
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.4920 levels whereas resistance is at Rs.5050 – 5100 levels. Selling below 4980 is advised targeting Rs.4920-4880 levels
* MCX Copper looks weak if Rs.730 level is breached. Selling below Rs.730 is advised targeting Rs.720– 715 levels
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session
* It is likely to test the support of upward sloping trend line in intraday trading session
* For Intraday session we expect Copper prices to trade with negative bias if price sustains below 730 levels whereas 745 and 750 will act as an immediate resistance levels
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