Buy Crude Oil Around 8800 SL Below 8750 TGT 8860/8940 - Axis Securities
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CRUDE OIL
Crude Oil opened with an upward gap and remained in positive terrain throughout the day. Crude Oil closed at 8872 with a gain of 323 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 forming higher High-low compered to previous sessiom 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 8800 SL BELOW 8750 TGT 8860/8940
GOLD
Gold opened with an downward gap but witnessed buying in the secound half of the ssession which pushed prices to day's high. Gold closed at 50986 with a gain of 65 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. The price movement has resulted in a long “Legged Doji” candlestick pattern indicating uncertainty within bulls and bears. On hourly chart Gold is trading below 60 day EMA's which indicate negative bias in the short term. Traders can sell Gold around 51100 for the target of 51000 on intraday basis.
SELL GOLD AROUND 51100 SL ABOVE 51200 TGT 50900/50700
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