MCX Crude Oil is likely to trade with positive 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.76000 - 75700 levels whereas resistance is at Rs.76500 – 76800 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.86500 - 85500 levels whereas resistance is at Rs. 88500 - 89500 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6050 - 6000 levels whereas resistance is at Rs. 6160 - 6220 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.796 – 790 levels whereas resistance is at Rs.808 - 814 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 6050 – 6000 level and resistance at 6160 – 6220. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6160 – 6220 levels on higher side.
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