Buy Crude Oil Around 8600 SL BELOW 8500 TGT 8700/8800 - Axis Securities
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GOLD
Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 52100 with a gain of 200 points. The daily strength indicator RSI is moving upwards 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 ahead. On hourly chart Gold is trading above 20 and 60 day EMA's indicating positive bias in the short term. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy
BUY GOLD 52000 SL BELOW 51900 TGT 52100/52200
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 8722 with a gain of 117 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 previous session high indicating positive bias. On hourly chart Crude Oil is trading above 20 and 60 day EMA's indicating positive bias in the short term. Crude Oil continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
BUY CRUDE OIL AROUND 8600 SL BELOW 8500 TGT 8700/8800
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