Buy Crude Oil Around 8400 SL BELOW 8350 TGT 8460/8520 - Axis Securities
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Copper
Copper opened with an upward gap however selling pressure throughout the session led it to close on a flat note. Prices settled around 696 level. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart the It has formed a Bearish candle with a lower shadow indicating buying at lower levels. On hourly chart Copper is trading below 20 and 60 day EMA's which indicating negative bias in the short term. Copper continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy
SELL COPPER AROUND 705 SL ABOVE 710 TGT 700/695
Crude Oil
Crude Oil opened on a flat note however we witnessed buying in the secound half of the ssession which pushed prices to day's high. Crude Oil closed at 8384 with a gain of 34 points. The daily strength indicator RSI is below its reference line which indicate low momentum in prices. On the daily chart It has formed a bullish candle and has closed above its previous session's high indicating positive bias ahead. On hourly chart Crude Oil is trading above 20 and 60 day EMA's indicating positive bias in the short term. We expect short covering in the counter from current levels.
BUY CRUDE OIL AROUND 8400 SL BELOW 8350 TGT 8460/8520
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