CRUDE OIL prices traded with positive bias during the last trading session - Monarch Networth Capital Ltd
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.58800 - 58600 levels whereas resistance is at Rs.59200 - 59400 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.71700 - 71200 levels whereas resistance is at Rs.72700 - 73200 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.7330 - 7230 levels whereas resistance is at Rs. 7430 - 7530 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.729 - 725 levels whereas resistance is at Rs.738 - 742 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
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 7330 - 7230 level and resistance at 7430 - 7530. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 7430 - 7530 levels on higher side.
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