MCX Silver is likely to trade with negative bias - 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.50600 - 50400 levels whereas resistance is at Rs.51000 - 51200 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.56800 - 56500 levels whereas resistance is at Rs.57500 - 57800 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.7570 - 7470 levels whereas resistance is at Rs. 7840 - 7940 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.629 - 624 levels whereas resistance is at Rs.640 - 645 levels.
CHART OF THE DAY
Strategy: Intraday
* SILVER OIL prices traded with positive bias during the last trading session; but prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 56800 - 56500 level and resistance at 57500 - 57800. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 56800 - 56500 levels on lower side
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