Sell Silver Below 56000 Sl Above 56400 Tgt 55500/55200 - Axis Securities
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SILVER
Silver opened with an upward gap but witnessed selling from the opening tick to end on a negative note. Silver closed at 56340 with a loss of 340 points. The daily strength indicator RSI has turned negative and is below its reference line indicating downtrend. On the daily chart the It has formed a sizable bearish candle and has closed below previous session's low indicating negative bias. 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 BELOW 56000 SL ABOVE 56400 TGT 55500/55200
CRUDE OIL
Crude oil closed on a negative note in last session. Crude Oil closed at 6744 with a loss of 62 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 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. However strong support zone is seeen around 6650 level which is a good level to go long
BUY CRUDE OIL AROUND 6650 SL BELOW 6550 TGT 6770
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