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MCX Crude Oil is likely to trade with negative bias during today`s trading session - 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.60700 - 60500 levels whereas resistance is at Rs.61200 - 61400 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.71200 - 70700 levels whereas resistance is at Rs.72000 - 72500 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6680 - 6580 levels whereas resistance is at Rs. 6880 - 6980 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.703 – 698 levels whereas resistance is at Rs.712 - 717 levels.
CHART OF THE DAY
Strategy: Intraday
* SILVER prices traded with negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 71200 - 70700 level and resistance at 72000 - 72500. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 71200 - 70700 levels on lower side.
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