03-07-2024 08:46 AM | Source: Monarch Networth Capital Ltd
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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