Buy Cruide Oil Above 6330 SL Below 6300 TGT 6380/6440 - Axis Securities
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GOLD
Gold prices corrected in the last session and extended its losing streak for two days in a row. It settled around 59300 and was down by more than 0.43 percent. On the daily chart it has formed a large red candle and has closed below its previos session low and it has closed below 9 EMA indicating that the trend is negative for price. Additionaly RSI is also trading below its reference line which indicate that momentum is tilted towards downside. It is approaching the previous breakout zone of 59100 level. If it fails to hold then it may drift lower towards 58800 level. Sell on rally is recommended for intraday basis.
SELL AROUND 59600 SL ABOVE 59750 TGT 59400/59200
CRUDE OIL
Crude oil prices rallied higher in the last session. Prices settled around 6300 level and it was up by more than 1 percent. On the daily chart price is trading above 20 and 60 EMA which is a positive sign for prices. Moreover RSI is trading above its reference line which indicate that momentum is strong on the upside. Prices is approaching its multiple resistance zone of 6330 level. Breakout above the mentioned level may push prices higher towards 6380 level.
BUY CRUDE OIL ABOVE 6330 SL BELOW 6300 TGT 6380/6440
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