CRUDE OIL prices traded with mild positive bias - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with negative bias during today’s trading session. Support is at Rs.50600 - 50400 levels whereas resistance is at Rs.50900- 51100 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.60700 - 60300 levels whereas resistance is at Rs.61800 - 62200 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.8480 - 8380 levels whereas resistance is at Rs. 8670 - 8770 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.734 - 727 levels whereas resistance is at Rs.741 - 747 levels.
CHART OF THE DAY
Strategy: Intraday
* CRUDE OIL prices traded with mild positive bias during the last trading session; but prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 8480 - 8380 level and resistance at 8670 - 8770. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 8480 - 8380 levels on lower side.
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