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.72100 - 71800 levels whereas resistance is at Rs.72700 - 73000 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.92000 - 91000 levels whereas resistance is at Rs.94000 - 95000 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6720 - 6620 levels whereas resistance is at Rs. 6920 - 7020 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.864 – 858 levels whereas resistance is at Rs.875 - 880 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; and prices are trading below upward trend line.
* For Intraday session immediate support is at 6720 – 6620 level and resistance at 6920 – 7020. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6720 – 6620 levels on lower side.
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