MCX Gold 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 positive bias during today’s trading session. Support is at Rs.61600 - 61400 levels whereas resistance is at Rs.62000 - 62200 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.71100 - 70700 levels whereas resistance is at Rs.72100 - 72600 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6050 - 5970 levels whereas resistance is at Rs. 6250 - 6330 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.709 – 705 levels whereas resistance is at Rs.718 - 722 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday:
* CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above upward trend line.
* For Intraday session immediate support is at 6050 - 5970 level and resistance at 6250 - 6330. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6250 - 6330 levels on higher side.
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