For Intraday session COPPER immediate support is at 648 - 644 level and resistance at 656 - 660 - 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.50700 - 50500 levels whereas resistance is at Rs.51100 - 51300 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.56900 - 56600 levels whereas resistance is at Rs.57600 - 57900 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.7100 - 7000 levels whereas resistance is at Rs. 7290 - 7400 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.648 - 644 levels whereas resistance is at Rs.656 - 660 levels.
CHART OF THE DAY
MCX- COPPER (DAILY CHART)
Strategy: Intraday
* COPPER prices traded with mild negative bias during the last trading session; but prices are trading above upward support trend line.
* For Intraday session immediate support is at 648 – 644 level and resistance at 656 - 660. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 656 – 660 levels on higher side.
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