Buy Crude Oil Around 6030 SL Below 6000 TGT 6060/6100 - Axis Securities
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Crude oil
Crude oil prices have maintained their winning momentum for two consecutive days, with prices rallying by over 1 percent and settling around the 6095 level. On the daily chart, a large candle has formed, closing above the previous session's high, indicating a positive sign for prices. Additionally, the prices are trading above the 20 and 9 EMA (Exponential Moving Average), and the RSI (Relative Strength Index) is above the reference line, further supporting a positive outlook for prices. The nearterm trend appears favorable for prices. Traders may consider buying crude oil on dips around 6030, with a target of 6060 on an intraday basis.
BUY CRUDE OIL AROUND 6030 SL BELOW 6000 TGT 6060/6100
silver
The silver market experienced significant volatility during the last session. Prices breached the crucial support zone of 72000 and reached a new weekly low of 71100. However, a short-covering rally in the evening session pushed prices higher, leading to a close around 72150.Examining the daily chart, we observe that prices formed a hammer candlestick pattern near the strong support zone. This pattern suggests a potential reversal of the ongoing downtrend.Based on this analysis, traders may consider buying silver on dips around 71600, targeting a level of 72000 on an intraday basis.
BUY SILVER AROUND 71600 SL BELOW 71200 TGT 72000/72500
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