Buy Crude oil in the Range of 8770-8760 SL Below 8600 TGT 8950/9050 - Axis Securities
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CRUDE OIL
MCX Crudeoil opened with an upward gap and remained in positive terrain throughout the day. The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. Crudeoil continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
BUY CRUDEOIL IN THE RANGE OF 8770-8760 SL BELOW 8600 TGT 8950/9050
NATURAL GAS
MCX Naturalgas opened on a positive note and extended buying momentum in the first half. The chart pattern suggests that if Naturalgas crosses and sustains above 523 level it would witness buying which would push It towards 540-550 levels. Important support for the day is around 515.
BUY NATURALGAS ABOVE 523 SL BELOW 515 TGT 540/550
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