CRUDE OIL prices traded with positive 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.51000 - 50800 levels whereas resistance is at Rs.51500 - 51700 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.54900 - 54600 levels whereas resistance is at Rs.55600 - 55900 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.7550 - 7400 levels whereas resistance is at Rs. 7850 - 8000 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.664 - 660 levels whereas resistance is at Rs.673 - 677 levels.
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above upward slopping trend line.
* For Intraday session immediate support is at 7550 - 7400 level and resistance at 7850 - 8000. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 7850 - 8000 levels on higher side.
MCX- CRUDE OIL (DAILY CHART)
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