MCX Silver is likely to trade with 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.70800 - 70500 levels whereas resistance is at Rs.71400 - 71700 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.86000 - 85000 levels whereas resistance is at Rs.89000 - 90000 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6470 - 6370 levels whereas resistance is at Rs. 6670 - 6770 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.848 – 842 levels whereas resistance is at Rs.862 - 868 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with mild negative bias during the last trading session; but prices are trading above upward trend line.
* For Intraday session immediate support is at 6470 - 6370 level and resistance at 6670 - 6770. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6670 - 6770 levels on higher side.
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