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.48800 levels whereas resistance is at Rs.50000- 50200 levels. Buying is advised above Rs.49600 levels for the target prices of Rs.50000 – 50200 levels
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.71200 levels whereas resistance is at Rs.73800 – 74500 levels. Buying is advised above Rs.72800 levels for the target prices of Rs.73800 – 74500 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.4950 levels whereas resistance is at Rs.5100 – 5150 levels. Buying above 5050 is advised targeting Rs.5100-5150 levels
* MCX Copper looks strong if Rs.765 level is breached. Buying above Rs.765 is advised targeting Rs.775– 780 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 Horizontal trend line and sustaining above the same
* For Intraday session we expect CRUDE OIL prices to trade with positive bias if price sustains above 5040 levels whereas 4980 and 4950 will act as an immediate support levels
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