MCX Copper is likely to trade rangebound during today`s trading session - 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.50500 - 50300 levels whereas resistance is at Rs.51000 - 51200 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.59400 - 59000 levels whereas resistance is at Rs.60400 - 60800 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.8670 - 8550 levels whereas resistance is at Rs. 8950 - 9070 levels.
* MCX Copper is likely to trade rangebound during today’s trading session. Support is at Rs.698 - 692 levels whereas resistance is at Rs.714 - 720 levels.
CHART OF THE DAY
Strategy: Intraday
* SILVER prices traded with negative bias during the last trading session; prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 59400 - 59000 level and resistance at 60400 - 60800. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 59400 - 59000 levels on lower side.
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