IGI Logo

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

To Read Complete Report & Disclaimer Click Here
 

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer