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SILVER

Silver opened with an upward gap but witnessed selling from the opening tick to end on a negative note. Silver closed at 57480 with a loss of 798 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On the daily chart, the It has formed a sizable bearish candle and closed below previous session low indicating further weakness. In Comex Silver is down by 0.3 percent so we expect a gap down opening in Silver. However on daily chart prices is trading above its immediate support zone of 56500 level. As long as mentioned level is intact we expect prices to trade with a positive bias.

BUY SILVER AROUND 56500 SL BELOW 56000 TGT 57000/57300

CRUDE OIL

Crude Oil opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to close near the day's low. Crude Oil closed at 7213 with a loss of 149 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On the daily chart the It has formed a Bearish candle with a upper shadow indicating selling at higher levels. On hourly chart Crude Oil is trading below 20 day EMA's which indicate negative bias in the short term. Traders can sell Crude oil on rise around 7300 for the target of 7240 on intraday basis.

SELL CRUDE OIL AROUND 7300 SL ABOVE 7350 TGT 7240/7200

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