It closed above the upward sloping trend line in intraday 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.46500 levels whereas resistance is at Rs.46800- 47000 levels.
MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.60700 levels whereas resistance is at Rs.61500- 62000 levels. Selling below 60700 is advised targeting Rs.60200 – 59800 levels.
MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.5250 levels whereas resistance is at Rs.5380 – 5440 levels. Buying above 5345 is advised targeting Rs.5380 – 5440 levels.
MCX Copper is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.705 levels whereas resistance is at Rs.722 - 727 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 recovered from lower levels
It closed above the upward sloping trend line in intraday trading session
For Intraday session we expect CRUDE OIL prices to trade with a positive bias. If price sustains above the immediate resistance level of 5345 level then it will provide further momentum towards 5380 - 5440 levels on the higher side
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