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Crude Oil

Crude Oil opened sharply lower with a downward gap and extended selling momentum in the first half however buying momentum at lower levels erased most of the ealier losses to close near the day's high. Crude Oil closed at 7869 with a gain of 420 points. 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 indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. Morever on hourly chart Crude Oil is trading above its 20 day EMA which is positive for prices. Crude Oil continues to remain in an uptrend in the near term, so accumulation on dips and near major support zone continues to be our preferred strategy.

BUY CRUDE OIL AROUND 7700 SL BELOW 7650 TGT 7770/7860

GOLD

Gold opened on a flat note and witnessed extreme volatality on eitherside for most part of the session. Gold closed at 51410 with a gain of 191 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On the daily chart the It has formed a Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels.On hourly chart Gold is trading below 60 day EMA's which indicating negative bias in the short term. Gold is trading below 20 and 60 day EMA's which indicating negative bias in the short term.

SELL GOLD AROUND 51750 SL ABOVE 51850 TGT 51600/51300

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