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.56400 - 56200 levels whereas resistance is at Rs.56800 - 57000 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.66300 - 65800 levels whereas resistance is at Rs.67300 - 67800 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6840 - 6740 levels whereas resistance is at Rs. 7040 - 7140 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.693 – 688 levels whereas resistance is at Rs.703 - 708 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 upward trend line.
* For Intraday session immediate support is at 6840 - 6740
level and resistance at 7040 - 7140. Any pullback towards
resistance level should be taken as selling opportunity
targeting immediate support of 6840 - 6940 levels on
lower side.
