MCX Copper looks weak if Rs.745 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.48000- 48200 levels. Buying is advised above Rs.47600 levels for the target prices of Rs.48000 – 48200 levels
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.65000 levels whereas resistance is at Rs.67200 – 68000 levels. Buying is advised above Rs.66500 levels for the target prices of Rs.67200 – 68000 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.5320 levels whereas resistance is at Rs.5500 – 5550 levels. Buying above 5420 is advised targeting Rs.5500-5550 levels
* MCX Copper looks weak if Rs.745 level is breached. Selling below Rs.745 is advised targeting Rs.735– 730 levels.
CHART OF THE DAY
MCX- CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session
* It is having a good support of 50% Fibonacci retracement levels and sustaining above the same
* For Intraday session we expect CRUDE OIL prices to extend upside if price sustains above 5420 levels whereas 5350 and 5320 will act as an immediate support levels
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