MCX Crude Oil is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital Ltd
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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.76900 - 76600 levels whereas resistance is at Rs.77500 – 77800 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.90300 - 89300 levels whereas resistance is at Rs.92300 - 93300 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs. 5900 - 5840 levels whereas resistance is at Rs. 6020 - 6080 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.844 – 838 levels whereas resistance is at Rs.856 - 862 levels.
CHART OF THE DAY
MCX-SILVER (DAILY CHART)
Strategy: Intraday
* SILVER prices traded with negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 90300 – 89300 level and resistance at 92300 – 93300. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 90300 – 89300 levels on lower side.
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