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CRUDE OIL

Crude Oil opened with an upward gap however selling pressure throughout the session led it to close near day's low. It closed around 8543 and was down by 75 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 Small bearish candle with either side shadows indicating lackluster movement throughout the session . Crude Oil is trading below 20 and 60 day EMA's which indicating negative bias in the short term. Crude Oil continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy

SELL CRUDE OIL AROUND 8650 SL ABOVE 8700 TGT 8590/8500

COPPER

Copper opened with an upward gap and remained in positive terrain throughout the day. Copper closed at 782.with a gain of 10 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high indicating positive bias. On hourly chart Copper is trading above 20 and 60 day EMA's indicating positive bias in the short term. Copper continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strateg

BUY COPPER AROUND 770 SL BELOW 767 TGT 774/778

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