Buy Crude Oil Around 7100 SL Below 7000 TGT 7220/7300 - Axis Securities
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CRUDE OIL
Crude Oil opened on a flat note and buying momentum throughout the session let it close near the day's high. Crude Oil closed at 7165 with a gain of 107 points. The daily strength indicator RSI has turned positive from the oversold territory 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 its 60 day EMA which indicates positive bias in the short term. Crude Oil continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy.
BUY CRUDE OIL AROUND 7100 SL BELOW 7000 TGT 7220/7300
SILVER
Silver opened with an downward gap but witnessed buying in the secound half of the session which pushed prices to day's high. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On daily chart it has formed a small green candle with shadows on the downside indiating buying support at the lower level.On hourly chart Silver is trading above its 60 day EMA which indicates positive bias in the short term. Silver continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy
BUY SILVER AROUND 60000 SL BELOW 59500 TGT 60600/61000
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