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.78100 - 77800 levels whereas resistance is at Rs.78700 – 79000 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.93200 - 92200 levels whereas resistance is at Rs.95200 - 96200 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 5950 - 5880 levels whereas resistance is at Rs. 6100 - 6150 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.846 – 840 levels whereas resistance is at Rs.859 - 865 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 5950 – 5880 level and resistance at 6100 – 6150. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6100 – 6150 levels on higher side.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
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