MCX Crude Oil is likely to trade with negative 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.73700 - 73400 levels whereas resistance is at Rs.74300 - 74600 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.93700 - 92700 levels whereas resistance is at Rs.95700 - 96700 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6470 - 6370 levels whereas resistance is at Rs. 6680 - 6780 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.926 – 916 levels whereas resistance is at Rs.942 - 952 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with mild negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 6470 - 6370 level and resistance at 6680 - 6580. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6470 - 6370 levels on lower side.
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