Sell Crudeoil Below 9200 SL Above 9300 TGT 9050/8900 - Axis Securities
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Copper
MCX Copper opened sharply lower with a downward gap and extended selling momentum in the first half. 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 preferred strategy.
SELL COPPER BELOW 759 SL ABOVE 763 TGT 754/750
Crudeoil
MCX Crudeoil opened with a downward gap and traded with extreme volatility on either side. The chart pattern suggests that if Crudeoil breaks and sustains below 9200 level it would witness selling which would drag It towards 9050-8900 levels. Important resistance for the day is placed at 9100.
SELL CRUDEOIL BELOW 9200 SL ABOVE 9300 TGT 9050/8900
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