Sell Crude Oil Around 9050 SL Above 9100 TGT 9000/8900 - Axis Securities
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CRUDE OIL
Crude Oil opened with an upward gap however selling pressure throughout the session led it close on a flat note.Crude Oil closed at 9013 with a loss of 13 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. 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 9050 SL ABOVE 9100 TGT 9000/8900
GOLD
Gold opened sharply lower with a downward gap howerver buying pressure in the second half of the session pushed prices higher towards days high. Gold closed at 50865 with a gain of 18 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On daily chart it has formed a hammer candlestick paattern indicating buying support at lower level. Gold is trading above its 20 day EMA which indicates positive bias in the short term. Immedidate resistance is seen around 51000 level. Breakout above the mentioned level may push prices higher towards 51120 levels.
BUY GOLD ABOVE 51000 SL BELOW 50900 TGT 51120/51200
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