Buy Copper Around 645 SL Below 642 TGT 648/652 - Axis Securities
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CRUDE OIL
Crude Oil opened with downward gap and selling pressure throughout the session led it to close near day's low. Crude Oil closed at 7426 with a loss of 416 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart the It has formed a sizable bearish candle and has closed below previous session's low indicating negative bias. On hourly chart Crude Oil is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Crude Oil continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strategy
SELL CRUDE OIL AROUND 7550 SL ABOVE 7600 TGT 7500/7460
COPPER
Copper opened with downward gap and selling pressure throughout the session led it to close near day's low. Copper closed at 648 with a loss of 9 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 it has formed bearish candle but failed to break previous days low. On hourly chart Copper is trading above 60 day EMA's indicating positive bias in the short term. Copper continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy
BUY COPPER AROUND 645 SL BELOW 642 TGT 648/652
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