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.62100 - 61900 levels whereas resistance is at Rs.62500 - 62700 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.70400 - 70000 levels whereas resistance is at Rs.71200 - 71600 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6260 - 6160 levels whereas resistance is at Rs. 6460 - 6560 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.700 – 696 levels whereas resistance is at Rs.707 - 711 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 6260 - 6160 level and resistance at 6460 - 6560. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6460 - 6560 levels on higher side.
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