Buy Crude Oil Above 6030 SL Below 6000 TGT 6060/6100 - Axis Securities
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CRUDE OIL
Crude oil prices rallied over 2 percent in the last session, settling around 6013. On the daily chart, a large green candle formed, closing above the previous session's high. The prices are trading above the 20 EMA, and the RSI is above its reference line, indicating a positive outlook. There is a strong resistance zone at 6030, and a breakout above it could push prices towards 6060. Overall, the technical indicators suggest bullish momentum for crude oil prices, but it's important to monitor the resistance zone closely.
BUY CRUDE OIL ABOVE 6030 SL BELOW 6000 TGT 6060/6100
GOLD
Gold prices closed the last session nearly unchanged, slightly down by 0.21 percent around 60262. On the daily chart, a strong resistance zone is observed at 60500. Currently, gold is trading below the 20-day and 9-day EMAs, while the RSI remains flat, indicating low momentum. A positive intraday bias is expected as long as prices stay above 59800. Overall, gold prices are experiencing a sideways movement with limited momentum, but monitoring the 59800 support level is crucial for potential shifts in the market sentiment.
BUY GOLD AROUND 60000 SL BELOW 59800 TGT 60300/60500
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