Sell Crude Oil Below 6680 SL ABOVE 6760 TGT 6550/6500 - Axis Securities Ltd
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Crude Oil
MCX Crudeoil opened on a flat note and witnessed selling for most part of the session. The chart pattern suggests that if Crudeoil breaks and sustains below 6680 level it would witness selling which would drag the price towards 6550-6500 levels. Important resistance for the day is placed at 6900.
SELL CRUDEOIL BELOW 6680 SL ABOVE 6760 TGT 6550/6500
Natural Gas
MCX Naturalgas opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to trade near the day's low. The hourly strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend. Naturalgas continues to remain in a downtrend in the intraday.
SELL NATURALGAS BELOW 223 SL ABOVE 228 TGT 216/212
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