Buy Copper Around 643 SL Below 639 TGT 648/652 - Axis Securities
CRUDE OIL
Crude Oil opened with an downward gap but witnessed buying in the secound half of the session which pushed prices near day's high. Crude Oil closed at 6806 with a loss of 10 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On daily chart prices has formed a dragonfly doji which signals reversal in current downtrend. On hourly chart Crude Oil is trading above 20 days EMA's which indicate positive bias in the short term. Crude Oil continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy
BUY CRUDE OIL AROUND 6700 SL BELOW 6650 TGT 6770/6820
COPPER
Copper prices closed slightly lower in last session. Prices settled around 648.45 with a loss of almost 3 points. The daily strength indicator RSI is near its reference line which indicate sideways trend for prices. On daily chart prices has formed bullish harami candlestick pattern which indicate possible reversal from current downtrend. On hourly chart it is trading above 20 and 60 days EMA which is a positive sign for prices. Any correction down till 643 is a good opportunity to enter for the target of 647.
BUY COPPER AROUND 643 SL BELOW 639 TGT 648/652
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