Buy Crude Oil Around 5900 SL Below 5840 TGT 5970/6040 - Axis Securities
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CRUDE OIL
Crude oil prices have been on a positive trajectory for the past three days, driven by favorable economic data from the USA and a surprising production cut by Saudi Arabia. As a result, prices settled around the 6006 level, indicating a rise of over 1.5 percent. On the daily chart, prices have closed above the high of the previous session and are currently positioned above the 9 and 20 exponential moving averages (EMAs), which is considered a bullish signal. Given these factors, it is advisable to consider purchasing crude oil during temporary price declines for intraday trading
GOLD
Gold prices concluded the previous session on a positive trajectory, with settlements reaching around 59820, marking an increase of over 200 points. Notably, prices formed a hammer candlestick pattern near the robust support zone of 59300, suggesting a potential reversal of the ongoing downtrend. Furthermore, prices successfully closed above the 60-day exponential moving average (EMA) on the daily chart, which is considered a positive indication for future price movements. As a result, traders are advised to consider purchasing Gold during price declines around the 59500 level, with a target of 59700 for intraday trading.
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