MCX Crude Oil is likely to trade with positive bias during today`s trading session - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.72800 - 72500 levels whereas resistance is at Rs.73400 – 73700 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.88100 - 87100 levels whereas resistance is at Rs.90100 - 91100 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 5920 - 5860 levels whereas resistance is at Rs. 6040 - 6100 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.803 – 797 levels whereas resistance is at Rs.814 - 820 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 5920 – 5860 level and resistance at 6040 –6100. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6040 – 6100 levels on higher side.
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