MCX Crude Oil 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.47500 levels whereas resistance is at Rs.48600- 48800 levels. Buying is advised below Rs.48200 levels for the target prices of Rs.48600 – 48800 levels
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.66000 levels whereas resistance is at Rs.68500 – 69200 levels. Buying is advised above Rs.67500 levels for the target prices of Rs.68500 – 69200 levels
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.4880 levels whereas resistance is at Rs.5100 – 5180 levels. Selling below 4945 is advised targeting Rs.4880-4800 levels
* MCX Copper looks strong if Rs.720 level is breached. Buying above Rs.720 is advised targeting Rs.730– 735 levels.
CHART OF THE DAY
MCX- GOLD (DAILY CHART)
Strategy: Intraday
* GOLD prices witnessed sharp recovery from lower levels during the last trading session
* It took good support of upward sloping trend line and settled above the same
* For Intraday session we expect GOLD prices to extend upside if price sustains above 48200 levels whereas 47500 and 47300 will act as an immediate support level
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