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Silver

Silver opened on a positive note and extended buying momentum in the first half however we witnessed profit booking in the later half of the day. Silver closed at 56850 with a gain of 696 points. The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. On daily chart it has formed a bullish candle and has closed abvove its previous session hgih which is a positive sign for prices. On daily chart prices is trading above 20 and 60 days EMA which is a bullish sign for prices. Traders can buy Silver above 56900 for the target of 57300 on intraday basis.

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 6529 with a loss of 161 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 long upper shadow indicating selling pressure as well as resistance at higher levels. The It is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. Crude Oil is trading below its 60, 100, and 200-day EMA which indicates negative bias in the short to medium term. Crude Oil continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strategy

SELL CRUDE OIL AROUND 6650 SL ABOVE 6700 TGT 6600/6550

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