Sell Natural Gas Below 200 SL ABOVE 203 TGT 197/194 - Axis Securities
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CRUDE OIL
Crude oil prices edged lower in last trading session after prices broke the immediate support zone of 4700 and drifted lower towards 4640 level. On hourly chart RSI is trading below 40 level which indicate low momentum in prices. On hourly chart prices as also closed below 20 and 60 days EMA which is a negative sign for prices. Any rally towards 4700 level can be used as an selling opportnity for the target of 4670 level on intraday basis
SELL CRUDE OIL AROUND 4700 SL ABOVE 4730 TGT 4670/4650
NATURAL GAS
Natural gas prices failed to hold the day's high of 206 and it drifted lower towards 203 level on intraday basis. On daily chart prices has formed a doji followed by a red candle which is a negative sign for prices. Immediate support zone can be seen around 200 level. Breakdown below the mentioned level may push prices lower towards 197 level on intraday basis.
SELL NATURAL GAS BELOW 200 SL ABOVE 203 TGT 197/194
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