CRUDE OIL prices traded with positive 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 positive bias during today’s trading session. Support is at Rs.48000 levels whereas resistance is at Rs.49200- 49800 levels. Buying is advised above Rs.48900 levels for the target prices of Rs.49200 – 49800 levels
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.70200 levels whereas resistance is at Rs.72500 – 73200 levels. Buying is advised above Rs.71800 levels for the target prices of Rs.72500 – 73200 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.4720 levels whereas resistance is at Rs.4950 – 4980 levels. Buying above 4880 is advised targeting Rs.4950-4980 levels
* MCX Copper looks strong if Rs.745 level is breached. Buying above Rs.745 is advised targeting Rs.755– 760 levels
CHART OF THE DAY
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session
* It is having a good support of upward sloping trend line and sustaining above the same
* For Intraday session we expect CRUDE OIL prices to trade with positive bias if price sustains above 4880 levels whereas 4750 and 4720 will act as an immediate support levels
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