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CRUDEOIL

Crude Oil opened with an upward gap but witnessed selling from the opening tick to end on a negative note. Crude Oil closed at 7979 with a loss of 468 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart, the It has formed a sizable bearish candle and closed below previous session low indicating further weakness. On hourly chart Crude Oil is trading below 20 and 60 day EMA's which indicating beairshness in the short term. Crude Oil continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy

SELL CRUDE OIL AROUND 8200 SL ABOVE 8250 TGT 8150/8050

SILVER

Silver opened with an upward gap but witnessed selling from the opening tick to end on a negative note. Silver closed at 61500 with a loss of 1051 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart, the It has formed a sizable bearish candle and closed below previous session low indicating further weakness. On hourly chart Silver is trading below 20 and 60 day EMA's which indicating beairshness in the short term. Silver continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy

SELL SILVER AROUND 62000 SL ABOVE 62300 TGT 61700/61400

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