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MCX Crude Oil is likely to trade with positive bias during today - 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.51000 - 50800 levels whereas resistance is at Rs.51400 - 51600 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.60500 - 60000 levels whereas resistance is at Rs.61400 - 61900 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6700 - 6620 levels whereas resistance is at Rs. 6920 - 7000 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.642 - 636 levels whereas resistance is at Rs.654 - 660 levels.
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above upward support trend line.
* For Intraday session immediate support is at 6700 – 6620 level and resistance at 6920 - 7000. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6920 - 7000 levels on higher side.
CHART OF THE DAY
MCX- CRUDE OIL(DAILY CHART)
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