Sell Crude Oil Around 8600 SL Above 8650 TGT 8540/8450 - Axis Securities
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CRUDE OIL
Crude Oil opened with an downward gap and remained extreme volatile on the eitherside. Crude Oil closed at 8512 with a loss of 31 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Crude oil future daily chart has formed an "Ascending broadening wedge" pattern. The last few sessions ended up sideways overall, whereas the last session has traded lower and closed in the red. Morevero on daily chart prices has formed spinning top candlestick pattern which is a bearish candle. The market is expected to continue on the bearish term based on the current price action. Sell on rise is recommended in Crude oil around 8600 level for the target of 8550 level.
SELL CRUDE OIL AROUND 8600 SL ABOVE 8650 TGT 8540/8450
GOLD
Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 51157 with a gain of 250 points. The daily strength indicator RSI is moving upwards and is above 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 indicating positive bias ahead. On hourly chart Gold is trading above 20 and 60 day EMA's indicating positive bias in the short term. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy
BUY GOLD AROUND 50950 SL BELOW 50800 TGT 51200/51400
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