MCX Copper is likely to trade with sideways to negative bias during today’s trading session - 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.51200 - 51000 levels whereas resistance is at Rs.51600 - 51800 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.57200 - 56800 levels whereas resistance is at Rs.57900 - 58300 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.7150 - 7050 levels whereas resistance is at Rs. 7350 - 7450 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.636 - 630 levels whereas resistance is at Rs.649 - 655 levels
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; and prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 7150 - 7050 level and resistance at 7350 - 7450. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 7150 - 7050 levels on lower side.
MCX- CRUDE OIL (DAILY CHART)
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