Copper prices traded with negative bias during the last trading session and prices are trading below downward trend line - 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.56300 - 56000 levels whereas resistance is at Rs.56900 - 57200 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.67000 - 66500 levels whereas resistance is at Rs.68100 - 68600 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6000 - 5900 levels whereas resistance is at Rs. 6200 - 6300 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.766 - 761 levels whereas resistance is at Rs.776 - 781 levels.
CHART OF THE DAY
MCX-COPPER (DAILY CHART)
Strategy: Intraday
* COPPER 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 766 – 761 level and resistance at 776 - 781. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 766 - 761 levels on lower side.
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