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MCX Silver is likely to trade with sideways to positive 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.71200 - 71000 levels whereas resistance is at Rs.71600 – 71800 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.82500 - 81700 levels whereas resistance is at Rs.84200 - 85000 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 5770 - 5700 levels whereas resistance is at Rs. 5920 - 6000 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.777 – 772 levels whereas resistance is at Rs.790 - 796 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 5770 – 5700 level and resistance at 5920 –6000. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5770 – 5700 levels on lower side.
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