CRUDE OIL prices traded with negative bias during the last 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.50100 - 49900 levels whereas resistance is at Rs.50600 - 50800 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.52500 - 52200 levels whereas resistance is at Rs.53500 - 53800 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6880 - 6780 levels whereas resistance is at Rs. 7110 - 7210 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.629 - 625 levels whereas resistance is at Rs.639 - 643 levels.
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; but prices are trading above upward slopping trend line.
* For Intraday session immediate support is at 6880 - 6780 level and resistance at 7110 - 7210. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 7110 - 7210 levels on higher side.
MCX- CRUDE OIL (DAILY CHART)
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