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.71000 - 70500 levels whereas resistance is at Rs.72000 - 72500 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.89300 - 88300 levels whereas resistance is at Rs.91300 - 92300 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6200 - 6100 levels whereas resistance is at Rs. 6400 - 6500 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.880 – 870 levels whereas resistance is at Rs.900 - 910 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 6200 - 6100 level and resistance at 6400 - 6500. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6200 - 6100 levels on lower side.
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