MCX Copper is likely to trade with negative bias during today’s trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with positive bias during today’s trading session. Support is at Rs.48300 levels whereas resistance is at Rs.49300- 49600 levels. Buying above 49000 is advised targeting Rs. 49300 – 49600 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.64400 levels whereas resistance is at Rs.66000- 66500 levels. Buying above 66000 is advised targeting Rs. 66500 – 66800 levels.
* MCX Crude Oil is likely to trade sideways to negative bias during today’s trading session. Support is at Rs.6030 levels whereas resistance is at Rs.6140 – 6180 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.723 levels whereas resistance is at Rs.739 – 744 levels. Selling below 723 is advised targeting Rs. 718 – 714 levels.
CHART OF THE DAY
Strategy: Intraday
* GOLD prices traded with positive bias during last trading session
* It was closed above upward sloping trend line in intraday trading session.
* For Intraday session immediate support is at 48300 – 48100 level and resistance at 49300 – 49600. If price sustains above the immediate resistance level of 49000 level then it will provide further momentum towards 49300 – 49600 levels on the higher side.
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