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.59000 - 58800 levels whereas resistance is at Rs.59500 - 59700 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.69700 - 69300 levels whereas resistance is at Rs.70800 - 71300 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6750 - 6650 levels whereas resistance is at Rs. 6950 - 7050 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.725 - 721 levels whereas resistance is at Rs.734 - 738 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above trend line.
* For Intraday session immediate support is at 6750 -6650 level and resistance at 6950 - 7050. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6950 - 7050 levels on higher side.
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