Buy Crude Oil Above 7600 SL Below 7570 TGT 7650/7680 - Axis Securities
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GOLD
Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 51439 with a gain of 22 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On the daily chart It has formed a bullish candle and has closed within previous high indicating sideways trend for prices. On Daily chart Gold is trading above its 60 day EMA which indicates positive bias in the short term. Short term trend is looking posiive for Gold. Buy on dips is recommended in Gold on intraday basis.
BUY GOLD AROUND 50300 SL BELOW 50200 TGT 50400/50550
CRUDE OIL
Crude Oil opened with an upward gap and remained in positive terrain throughout the day. Crude Oil closed at 7536 with a gain of 34 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 Crude Oil is trading above 20 and 60 day EMA's indicating positive bias in the short term. Immediate resistance zone is seen around 7600 level. Breakout and sustained buying above the mentioned level may push prices higher towards 7650 level or else it may trade in a range between 7400 and 7600 level.
BUY CRUDE OIL ABOVE 7600 SL BELOW 7570 TGT 7650/7680
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