MCX Gold is likely to trade with sideways to negative 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 negative bias during today’s trading session. Support is at Rs.72700 - 72400 levels whereas resistance is at Rs.73400 - 73700 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.92100 - 91100 levels whereas resistance is at Rs.93900 - 94900 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6380 - 6280 levels whereas resistance is at Rs. 6580 - 6680 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.884 – 874 levels whereas resistance is at Rs.904 - 914 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL 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 6380 - 6280 level and resistance at 6580 - 6680. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6370 - 6270 levels on lower side.
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