For Intraday session immediate support is at 5900 - 5800 level and resistance at 6130- 6230 - 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.59500 - 59300 levels whereas resistance is at Rs.60200 - 60500 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.71400 - 71000 levels whereas resistance is at Rs.72300 - 72800 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.5900 - 5800 levels whereas resistance is at Rs. 6130 - 6230 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.717 - 713 levels whereas resistance is at Rs.725 - 729 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; but prices are trading below downward trend line.
* For Intraday session immediate support is at 5900 - 5800 level and resistance at 6130- 6230. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5900 - 5800 levels on lower side.
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