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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.71300 - 71000 levels whereas resistance is at Rs.71900 - 72200 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.89000 - 88000 levels whereas resistance is at Rs.91000 - 92000 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6850 - 6750 levels whereas resistance is at Rs. 7050 - 7150 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.841 – 835 levels whereas resistance is at Rs.853 - 859 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 upward trend line.
* For Intraday session immediate support is at 6850 - 6750 level and resistance at 7050 - 7150. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 7050 - 7150 levels on higher side.
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