MCX Crude Oil is likely to trade with sideways to positive 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 negative bias during today’s trading session. Support is at Rs.47200 levels whereas resistance is at Rs.48200- 48400 levels. Selling is advised below Rs.47600 levels for the target prices of Rs.47200 – 47000 levels
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.68200 levels whereas resistance is at Rs.70200 – 70500 levels. Selling is advised below Rs.68700 levels for the target prices of Rs.68200 – 67700 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.5500 levels whereas resistance is at Rs.5700 – 5750 levels. Buying above 5630 is advised targeting Rs.5700-5750 levels
* MCX Copper looks weak if Rs.722 level is breached. Selling below Rs.722 is advised targeting Rs.715– 710 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 has support of upward sloping trend line and sustained above the same
* For Intraday session we expect CRUDE OIL prices to trade with positive bias if prices sustain above 5630 levels whereas 5520 and 5500 will act as an immediate support levels
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