CRUDE OIL prices traded with negative bias during the last trading session; but prices are trading above downward trend line - Monarch Networth Capital Ltd
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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.61000 - 60800 levels whereas resistance is at Rs.61400 - 61600 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.72800 - 72300 levels whereas resistance is at Rs.73800 - 74300 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.6370 - 6270 levels whereas resistance is at Rs. 6580 - 6680 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.712 – 708 levels whereas resistance is at Rs.720 - 724 levels.
CHART OF THE DAY
MCX-CCRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; but prices are trading above downward trend line.
* For Intraday session immediate support is at 6370 - 6270 level and resistance at 6580 - 6680. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6580 - 6680 levels on higher side.
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