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MCX Gold is likely to trade with sideways to positive 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 positive bias during today’s trading session. Support is at Rs.73200 - 72900 levels whereas resistance is at Rs.73800 - 74100 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.91600 - 90600 levels whereas resistance is at Rs.93600 - 94600 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6750 - 6650 levels whereas resistance is at Rs. 6950 - 7050 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.850 – 845 levels whereas resistance is at Rs.860 - 865 levels.
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 6750 – 6650 level and resistance at 6950 – 7050. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6750 – 6650 levels on lower side.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
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