Buy Crude Oil Around 7650 SL BELOW 7600 TGT 7720/7780 - Axis Securities
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CRUDE OIL
Crude Oil opened with an downward gap but witnessed buying in the secound half of the ssession which pushed prices to day's high. Crude Oil closed at 7713 with a gain of 50 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On daily chart prices has formed hammer candlestick pattern indicating possible reversal from current downtrend. On hourly chart prices is trading above 20 and 60 days EMA indicating positive bias. Traders can buy Crude oil on dips around 7650 for the target of 7720.
BUY CRUDE OIL AROUND 7650 SL BELOW 7600 TGT 7720/7780
GOLD
Gold opened with a downward gap and traded with positive bias in initial hours however selling pressure throughout the session led it to close near the day's low. Gold closed at 50500 with a loss of 105 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On the daily chart the It has formed a Small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. Gold has bounced from the 60-day EMA indicating strength in near term. Short term trend is positive for prices. Buy on dips is recommended in Gold.
BUY GOLD AROUND 50300 SL BELOW 50200 TGT 50400/50700
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