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CRUDE OIL

Crude Oil opened sharply lower with a downward gap howerver buying pressure in the second half of the session pushed prices higher towards days high. Crude Oil closed at 8897 with a gain of 25 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart the It has formed a "Spinning top" candlestick formation indicating indecisiveness amongst market participants regarding the direction. On hourly chart Crude Oil is trading above 20 and 60 day EMA's indicating positive bias in the short term. Crude Oil continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy

BUY CRUDE OIL AROUND 8800 SL BELOW 8750 TGT 8860/8940

SILVER

Silver opened on a positive note however we witnessed profit booking for most part of the day which erased earlier gains and it closed on flat note. Silver closed at 62179 with a gain of 21 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 Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. On hourly chart Silver is trading above 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 61700 SL BELOW 61300 TGT 62100/62400

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