Sell Natutral Gas Below 553 SL Above 565 TGT 540/530 - Axis Securities
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Crudeoil
MCX Crudeoil opened with a downward gap and selling pressure throughout the session. The chart pattern suggests that if Crudeoil breaks and sustains below 9150 level it would witness selling which would drag It towards 9000-8900 levels. Important resistance for the day is placed at 9300.
SELL CRUDEOIL BELOW 9150 SL ABOVE 9250 TGT 9000/8900
Naturalgas
MCX Naturalgas opened on a flat note and remained in a small range throughout the day. The daily 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 short to medium term, so selling on rallies continues to be our preferred strategy.
SELL NATURALGAS BELOW 553 SL ABOVE 565 TGT 540/530
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