MCX Silver is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital Ltd
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.70300 - 70000 levels whereas resistance is at Rs.70800 - 71100 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.80300 - 79600 levels whereas resistance is at Rs.81200 - 81700 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 7150 - 7050 levels whereas resistance is at Rs. 7360 - 7460 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.796 – 790 levels whereas resistance is at Rs.808 - 814 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 trend line.
* For Intraday session immediate support is at 7150 - 7050 level and resistance at 7360 - 7460. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 7360 - 7460 levels on higher side.
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