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MCX Crude Oil is likely to trade with sideways to positive bias - 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.50400 - 50200 levels whereas resistance is at Rs.50800- 51000 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.59200 - 58700 levels whereas resistance is at Rs.60300 - 60700 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.8280 - 8150 levels whereas resistance is at Rs. 8450 - 8580 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.690 - 684 levels whereas resistance is at Rs.702 – 708 levels.
CHART OF THE DAY
Strategy: Intraday
* SILVER prices traded with positive bias during the last trading session; prices are trading between downward slopping channel trend lines.
* For Intraday session immediate support is at 59200 - 58700 level and resistance at 60300 - 60700. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 60300 - 60700 levels on higher side.
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