Crude Oil is likely to trade with negative bias during today’s trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.47900 levels whereas resistance is at Rs.48300- 48500 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.60200 levels whereas resistance is at Rs.61500- 62000 levels. Selling below 60200 is advised targeting Rs. 59600 – 59200 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.5280 levels whereas resistance is at Rs.5450 – 5500 levels. Selling below 5280 is advised targeting Rs. 5230 – 5200 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.728 levels whereas resistance is at Rs.734 – 737 levels. Selling below 728 is advised targeting Rs. 725 – 722 levels.
CHART OF THE DAY
Strategy: Intraday
* NATURAL GAS prices traded with negative bias during last trading session
* It was closed below upward sloping trend line in intraday trading session
* For Intraday session immediate support is at 279 –275 level and resistance at 291 – 296. If price sustains below the immediate support level of 279 level then it will provide further momentum towards 275 – 271 levels on the lower side.
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