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 negative bias during today’s trading session. Support is at Rs.61800 - 61600 levels whereas resistance is at Rs.62300 - 62500 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.73900 - 73400 levels whereas resistance is at Rs.75000 - 75500 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs.5920 - 5850 levels whereas resistance is at Rs. 6100 - 6180 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.721 – 716 levels whereas resistance is at Rs.730 - 735 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; but prices are trading above upward trend line.
* For Intraday session immediate support is at 5920 - 5850 level and resistance at 6100 - 6180. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6100 - 6180 levels on higher side.
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