MCX Silver is likely to trade with negative bias during today`s trading session - Monarch Networth Capital Ltd
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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.61100 - 60900 levels whereas resistance is at Rs.61400 - 61600 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.72200 - 71700 levels whereas resistance is at Rs.73300 - 73800 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6800 - 6700 levels whereas resistance is at Rs. 7000 - 7100 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.703 – 698 levels whereas resistance is at Rs.712 - 717 levels.
CHART OF THE DAY
Strategy: Intraday
* SILVER prices traded with positive bias during the last trading session; but prices are trading below downward trend line.
* For Intraday session immediate support is at 72200 - 71700 level and resistance at 73300 - 73800. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 72200 - 71700 levels on lower side.
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