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MCX Silver is likely to trade with sideways to 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 positive bias during today’s trading session. Support is at Rs.62000 - 61800 levels whereas resistance is at Rs.62400 - 62600 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.69000 - 68500 levels whereas resistance is at Rs.69900 - 70400 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6350 - 6250 levels whereas resistance is at Rs. 6550 - 6650 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.721 – 717 levels whereas resistance is at Rs.730 - 735 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 6350 - 6250 level and resistance at 6550 - 6650. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6550 - 6650 levels on higher side.
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