MCX Silver is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.71600 - 71300 levels whereas resistance is at Rs.72200 - 72500 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.89400 - 88400 levels whereas resistance is at Rs.91400 - 92400 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.860 – 853 levels whereas resistance is at Rs.875 - 882 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 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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