MCX Silver is likely to trade with negative bias - 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.65800 - 65600 levels whereas resistance is at Rs.66400 - 66600 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.74500 - 74000 levels whereas resistance is at Rs.75500 - 76000 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6650 - 6550 levels whereas resistance is at Rs. 6850 - 6950 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.753 – 749 levels whereas resistance is at Rs.761 - 765 levels.
Strategy: Intraday
* CRUDE OIL prices traded with mild negative bias during the last trading session; and prices are trading below upper channel trend line.
* For Intraday session immediate support is at 6650 - 6550 level and resistance at 6850 - 6950. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6650 - 6550 levels on lower side.
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