Sell Crude Oil Around 8900 SL ABOVE 9000 TGT 8800/8700 - Axis Securities
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GOLD
Gold prices remained volatile in last trading session and it closed on a flat note. Gold closed at 50729 with a loss of 94 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. On hourly chart Gold is trading below 20 and 60 day EMA's which indicating negative bias in the short term. Gold continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy
SELL GOLD AROUND 51000 SL ABOVE 51100 TGT 50900/50700
CRUDE OIL
Crude oil prices rallied in the first half of the session and touched weekly high. However it failed to sustian near the higher level and closed on a flat note. Crude Oil closed at 8774 with a loss of 38 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 Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. 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 8900 SL ABOVE 9000 TGT 8800/8700
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