Copper prices traded with negative bias during the last trading session; and prices are trading below upward trend line - 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.58500 - 58300 levels whereas resistance is at Rs.59000 - 59200 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.71800 - 71400 levels whereas resistance is at Rs.72700 - 73100 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.7370 - 7270 levels whereas resistance is at Rs. 7570 - 7670 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.710 – 706 levels whereas resistance is at Rs.718 - 722 levels.
CHART OF THE DAY
MCX-COPPER (DAILY CHART)
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session; and prices are trading below upward trend line.
* For Intraday session immediate support is at 710 - 706
level and resistance at 718 - 722. Any pullback towards
resistance level should be taken as selling opportunity
targeting immediate support of 710 - 706 levels on lower
side.
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