Crude Oil prices traded with positive bias during the last trading session - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.59100 - 58900 levels whereas resistance is at Rs.59600 - 59800 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.75100 - 74600 levels whereas resistance is at Rs.76000 - 76500 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6780 - 6680 levels whereas resistance is at Rs. 6980 - 7080 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.731 - 727 levels whereas resistance is at Rs.740 - 744 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 downward trend line.
* For Intraday session immediate support is at 6780 -6680 level and resistance at 6980 - 7080. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6980 - 7080 levels on higher side.
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