Buy Crude Oil Around 7500 SL Below 7450 TGT 7560/7600 - Axis Securities
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GOLD
Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 17640 with a gain of 700 points.The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high represeing positive bias ahead. On hourly chart Gold is trading above 60 day EMA's indicating positive bias in the short to medium term. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
BUY GOLD AROUND 52500 SL BELOW 52400 TGT 52600/52700
CRUDE OIL
Crude Oil opened with an upward gap and remained in positive terrain throughout the day. Crude Oil closed with a gain of 468 point. 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 represeing positive bias ahead.On hourly chart Crude Oil is sustaining above its 20 amd 60 day EMA which signals bullish sentiments in near term. Crude Oil is expected to remain in an uptrend to sideways zone until it breaks 7100 on the downside.
BUY CRUDE OIL AROUND 7500 SL BELOW 7450 TGT 7560/7600
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