MCX Copper looks weak if Rs.740 level is breached - 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.47300 levels whereas resistance is at Rs.48500- 48600 levels. Selling is advised below Rs.47800 levels for the target prices of Rs.47300 – 47100 levels
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.66500 levels whereas resistance is at Rs.69000 – 69500 levels. Selling is advised below Rs.67500 levels for the target prices of Rs.66500 – 66000 levels
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.5220 levels whereas resistance is at Rs.5350 – 5400 levels. Selling below 5280 is advised targeting Rs.5220-5180 levels
* MCX Copper looks weak if Rs.740 level is breached. Selling below Rs.740 is advised targeting Rs.730-725 levels.
CHART OF THE DAY
MCX- CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session
* It faced resistance of downward sloping trend line and settled below the same
* For Intraday session we expect CRUDE OIL prices to extend downside if price sustains below 5280 levels whereas 5350 and 5400 will act as an immediate support levels
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