MCX Copper looks strong if Rs.727 level is breached - 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.47000 levels whereas resistance is at Rs.48300- 48500 levels. Buying is advised above Rs.47600 levels for the target prices of Rs.48300 – 48500 levels
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.65800 levels whereas resistance is at Rs.68000 – 68800 levels. Buying is advised above Rs.67200 levels for the target prices of Rs.68000 – 68800 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.5180 levels whereas resistance is at Rs.5330 – 5400 levels. Buying above 5270 is advised targeting Rs.5330-5400 levels
* MCX Copper looks strong if Rs.727 level is breached. Buying above Rs.727 is advised targeting Rs.735– 742 levels.
CHART OF THE DAY
MCX- CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices extended with upside during the last trading session
* It is having a good support of upward sloping trend line and settled above the same
* For Intraday session we expect CRUDE OIL prices to extend upside if price sustains above 5266 levels whereas 5180 and 5120 will act as an immediate support level
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