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COMMODITY TECHNICAL OUTLOOK

MCX Gold is likely to trade with negative bias during today’s trading session. Support is at Rs.46200 levels whereas resistance is at Rs.46900- 47100 levels.

MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.59600 levels whereas resistance is at Rs.61700- 61700 levels. Selling below 59600 is advised targeting Rs.58700 – 58300 levels.

MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.5130 levels whereas resistance is at Rs.5280 – 5340 levels. Buying above 5240 is advised targeting Rs.5280 – 5340 levels.

MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.683 levels whereas resistance is at Rs.703 - 710 levels. Selling below 683 is advised targeting Rs.676 – 670 levels.

CHART OF THE DAY

MCX CRUDE OIL (DAILY CHART)

Strategy: Intraday

CRUDE OIL prices traded with positive bias during the last trading session and recovered from lower levels

It closed above the upward sloping trend line in intraday trading session

For Intraday session we expect CRUDE OIL prices to trade with a positive bias. If price sustains above the immediate resistance level of 5240 level then it will provide further momentum towards 5280 - 5340 levels on the higher side.

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