Sell Crude oil Below 8070 SL Above 8150 TGT 7970/7900 - Axis Securities
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Crude oil
MCX Crudeoil opened sharply lower with a downward gap and selling pressure throughout the session. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend. Crudeoil continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.
SELL CRUDEOIL BELOW 8070 SL ABOVE 8150 TGT 7970/7900
Natural gas
MCX Naturalgas opened sharply lower with a downward gap and extended selling momentum in the first half. The chart pattern suggests that if Naturalgas breaks and sustains below 518 level it would witness selling which would drag It towards 500-490 levels. Important resistances or the day is placed at 530.
SELL NATURALGAS BELOW 518 SL ABOVE 530 TGT 500/490
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