MCX Crude Oil is likely to trade with 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.69600 - 69400 levels whereas resistance is at Rs.70100 - 70400 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.79500 - 79000 levels whereas resistance is at Rs.80600 - 81000 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 7050 - 6950 levels whereas resistance is at Rs. 7260 - 7360 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.796 – 790 levels whereas resistance is at Rs.811 - 817 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; but prices are trading above trend line.
* For Intraday session immediate support is at 7050 - 6950 level and resistance at 7260 - 7360. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 7260 - 7360 levels on higher side.
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