Sell Crude oil Around 6120 SL Above 6160 TGT 6060/6000 - Axis Securities
Crude oil
MCX Crude oil prices extnded its losing streak for three days in a row. Prices was down by almost 1 percent in the last session. On the daily chart prices is trading below 20 and 9 EMA which is a negative sign for prices and RSI is also below its reference line which indicate that momentum is strong on the downside. Sell on rise is recommended on Crude oil for intraday basis.
SELL CRUDE OIL AROUND 6120 SL ABOVE 6160 TGT 6060/6000
Gold
Gold prices extended its losing streak for two days in a row. Prices closed on a negative note in the last session. Prices was down by more than 200 points and settled around 63189 level. However on the daily chart prices is trading above 20 and 9 EMA and RSI is also above 60 level which indicate that momentum is strong for prices. As long as prices is above 63000 level we expect price to trade in a range between 63000 and 63500 level.
BUY GOLD AROUND 63000 SL BELOW 62800 TGT 63200/63500
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