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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.61300 - 61100 levels whereas resistance is at Rs.61700 - 61900 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.69100 - 68600 levels whereas resistance is at Rs.70100 - 70600 levels.
* MCX Crude Oil is likely to trade with positive 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.704 – 700 levels whereas resistance is at Rs.712 - 716 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 6380 - 6280 level and resistance at 6580 - 6680. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6580 - 6680 levels on higher side.
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