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MCX Crude Oil is likely to trade with sideways to positive 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.74100 - 73800 levels whereas resistance is at Rs.74800 – 75100 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.88300 - 87300 levels whereas resistance is at Rs.90300 - 91300 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 5740 - 5680 levels whereas resistance is at Rs. 5860 - 5920 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.794 – 788 levels whereas resistance is at Rs.806 - 812 levels.
CHART OF THE DAY
MCX-SILVER (DAILY CHART)
Strategy: Intraday
* SILVER prices traded with mild positive bias during the last trading session; but prices are trading below downward trend line.
* For Intraday session immediate support is at 88300 – 87300 level and resistance at 90300 – 91300. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 90300 – 91300 levels on lower side.
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