Buy Crude Oil Around 8900 SL Below 8850 TGT 9020/9080 - Axis Securities
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Crude Oil
Crude Oil opened with an upward gap however selling pressure in the second half of the session led it to close near day's low. Crude Oil closed at 9026 with a loss of 54 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 it has formed a Spinning Top candlestick pattern indicating possible reversal of the current uptrend. On hourly chart Crude Oil is trading below 20 and 60 day EMA's which indicating negative bias in the short term. Sell on rise is recommended in Crude Oil as long as 9200 level is intact on the higher side.
BUY CRUDE OIL AROUND 8900 SL BELOW 8850 TGT 9020/9080
Copper
Copper opened with an upward gap however selling pressure throughout the session led it to close near day's low. Copper closed at 774 with a loss of 6 points. 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 engulfing" candle after facing major ressitance near the 781 levels indicating profit booking at higher levels. Sell on rise is recommended in Copper around 780 level for the target of 776 on intraday basis.
SELL COPPER AROUND 780 SL ABOVE 783 TGT 776/772
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