MCX Silver is likely to trade 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 positive bias during today’s trading session. Support is at Rs.47800 levels whereas resistance is at Rs.48200- 48400 levels. Buying above 48200 is advised targeting Rs. 48400 – 48600 levels.
* MCX Silver is likely to trade sideways to positive bias during today’s trading session. Support is at Rs.61300 levels whereas resistance is at Rs.62200- 62700 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.5280 levels whereas resistance is at Rs.5560 – 5620 levels. Buying above 5560 is advised targeting Rs. 5620 – 5660 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.728 levels whereas resistance is at Rs.740 – 745 levels. Buying above 740 is advised targeting Rs. 745 – 748 levels.
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with positive bias during last trading session
* It was closed above downward sloping trend line in intraday trading session
* For Intraday session immediate support is at 728 –724 level and resistance at 740 – 745. If price sustains above the immediate resistance level of 740 level then it will provide further momentum towards 745 – 748 levels on the higher side.
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