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Crudeoil

MCX Crudeoil opened with an upward gap but witnessed selling from the opening tick to end on a negative note. The chart pattern suggests that if Crudeoil breaks and sustains below 7200 level it would witness selling which would Crudeoil the It towards 7000-6900 levels. Important resistance for the day is placed at 7300.

SELL CRUDEOIL BELOW 7200 SL ABOVE 7300 TGT 7000/6900

Copper

MCX Copper opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to close near the day's low. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Copper continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our prefered strategy

SELL COPPER BELOW 654 SL ABOVE 660 TGT 646/640

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