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Silver prices traded with negative bias during the last trading session; and prices are trading below upward trend line - Monarch Networth Capital Ltd
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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.70800 - 70600 levels whereas resistance is at Rs.71300 – 71500 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.82500 - 81700 levels whereas resistance is at Rs.84000 - 84600 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 5850 - 5770 levels whereas resistance is at Rs. 6000 - 6070 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.778 – 772 levels whereas resistance is at Rs.792 - 799 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* SILVER prices traded with negative bias during the last trading session; and prices are trading below upward trend line.
* For Intraday session immediate support is at 82500 – 81700 level and resistance at 84000 – 84600. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 82500 – 81700 levels on lower side.
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