CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above upward 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.76100 - 75800 levels whereas resistance is at Rs.77000 – 77300 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.89600 - 88600 levels whereas resistance is at Rs.92000 - 93000 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6000 - 5940 levels whereas resistance is at Rs. 6150 - 6220 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.818 – 812 levels whereas resistance is at Rs.830 - 836 levels.
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above upward trend line.
* For Intraday session immediate support is at 6000 – 5940 level and resistance at 6150 – 6220. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6150 – 6220 levels on higher side.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
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SEBI Registration Number : INZ000043833
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