For Intraday session, COPPER immediate support is at 648-644 level and resistance at 658 - 662 - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.50000 - 49800 levels whereas resistance is at Rs.50400 - 50600 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.58000 - 57600 levels whereas resistance is at Rs.58700 - 59100 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.7240 - 7140 levels whereas resistance is at Rs. 7450 - 7550 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.658 - 662 levels.
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session; but prices are trading above upward trend line.
* For Intraday session immediate support is at 648 – 644 level and resistance at 658 - 662. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 658 – 662 levels on higher side.
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