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 negative bias during today’s trading session. Support is at Rs.71300 - 71000 levels whereas resistance is at Rs.71900 - 72200 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.88500 - 87500 levels whereas resistance is at Rs.90600 - 91600 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6700 - 6600 levels whereas resistance is at Rs. 6900 - 7000 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.834 – 828 levels whereas resistance is at Rs.847 - 853 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with neutral bias during the last trading session; but prices are trading above upward trend line.
* For Intraday session immediate support is at 6700 - 6600 level and resistance at 6900 - 7000. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6900 - 7000 levels on higher side.
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