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SILVER

Silver opened on a flat note and witnessed selling for most part of the session. Prices closed near new day's low. Silver closed at 55770 with a loss of 609 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On the daily chart the It has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. On hourly chart Silver is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Silver continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strategy

SELL SILVER AROUND 56000 SL ABOVE 56300 TGT 55700/55200

CRUDE OIL

Crude Oil opened on a flat note and witnessed selling for most part of the session. Prices closed near day's low. Crude Oil closed at 7414 with a loss of 56 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On the daily chart the It has formed a Small bearish candle with either side shadows indicating lackluster movement throughout the session. On hourly chart Crude Oil is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Crude Oil continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strategy

SELL CRUDE OIL AROUND 7550 SL ABOVE 7699 TGT 7500/7450

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