Sell Crude Oil Around 6000 SL ABOVE 6050 TGT 5940/5900 - Axis Securities
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CRUDE OIL
MCX Crude oil prices opened with a upward gap in the last session and rallied up till 6148 level due to geopolitical tension in Red Sea area. However prices failed to sustain at the higher as the supply concersn cooled down as there is no engagement between Iran and US warship also the spike in dollar index hold Crude oil prices lower. On the daiily chart prices settled below 9 and 20 EMA which is a negative sign for prices. Traders can sell Crude oil on rallies around 6000 for the target of 5940 for intraday basis.
SELL CRUDE OIL AROUND 6000 SL ABOVE 6050 TGT 5940/5900
Gold
Gold prices failed to sustain near the day's high in the last session and closed on a flat note around 63298 level. On the daily chart it is trading in a tight range between 63100 and 63600 from past few days. However it is comfortably placed above 20 and 9 EMA which is a positive sign. We expect prices to trade in the mentioned range as long as the mentioned trading range is intact. Buy on dips is recommended on intraday basis
BUY GOLD AROUND 63100 SL BELOW 62900 TGT 63400
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