16-02-2024 09:25 AM | Source: Monarch Networth Capital Ltd
MCX Copper is likely to trade with sideways to positive bias during today`s trading session - Monarch Networth Capital

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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.61600 - 61400 levels whereas resistance is at Rs.62000 - 62200 levels.

* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.70600 - 70100 levels whereas resistance is at Rs.71600 - 72100 levels.

* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6350 - 6250 levels whereas resistance is at Rs. 6550 - 6650 levels.

* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.710 – 705 levels whereas resistance is at Rs.720 - 724 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 6350 - 6250 level and resistance at 6550 - 6650. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6550 - 6650 levels on higher side.

 

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