Buy Silver Around 60700 SL Below 60400 TGT 61000/61300 - Axis Securities
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CRUDE OIL
Crude OIl opened with downward gap and selling pressure throughout the session led it to close near day's low. Crude OIl closed at 9148 with a loss of 250 points. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend.On the daily chart the It has formed a sizable bearish candle and has closed below previous session's low indicating negative bias. On hourly chart Crude OIl is trading below 20 and 60 day EMA's which indicating negative bias in the short term. Crude OIl continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy
SELL CRUDE OIL AROUND 9250 SL ABOVE 9300 TGT 9200/9150
SILVER
Silver opened with an upward gap and remained in positive terrain throughout the day. Silver closed at 60697 with a gain of 1126 points. The daily strength indicator RSI is moving upwards and is near its reference line indicating positive bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high represeing positive bias ahead. On hourly chart Silver is trading above 20 and 60 day EMA's indicating positive bias in the short term.Silver continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy
BUY SILVER AROUND 60700 SL BELOW 60400 TGT 61000/61300
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