CRUDE OIL prices traded with negative bias during the last trading session; but prices are trading above downward trend line - 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.62000 - 61800 levels whereas resistance is at Rs.62400 - 62600 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.75000 - 74500 levels whereas resistance is at Rs.75800 - 76300 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.5980 - 5880 levels whereas resistance is at Rs. 6180 - 6280 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.709 – 705 levels whereas resistance is at Rs.717 - 721 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL 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 5980 - 5880 level and resistance at 6180 - 6280. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5980 - 5880 levels on lower side.
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