MCX Gold is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.71600 - 71300 levels whereas resistance is at Rs.72100 - 72400 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.90600 - 89600 levels whereas resistance is at Rs.92600 - 93600 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6340 - 6240 levels whereas resistance is at Rs. 6540 - 6640 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.865 – 857 levels whereas resistance is at Rs.880 - 887 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 6340 - 6240 level and resistance at 6540 - 6640. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6340 - 6240 levels on lower side.
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