MCX Silver is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.49000 - 48800 levels whereas resistance is at Rs.49400 - 49600 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.56000 - 55600 levels whereas resistance is at Rs.56700 - 57100 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6640 - 6540 levels whereas resistance is at Rs. 6840 - 6940 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.640 - 635 levels whereas resistance is at Rs.652 - 657 levels.
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; and prices are trading below downward slopping trend line.
* For Intraday session immediate support is at 6640 - 6540 level and resistance at 6840 - 6940. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6640 - 6540 levels on lower side.
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