Insignia Consultants
New Delhi
Friday, 18 October 2019
TIME
9:30 AM IST
----------------------------------------------------------------------------------------------------------------
MCX CRUDE
OIL REPORT
MCX
Crude oil has a double bottom around 3600.
As long as MCX crude oil trades over 3600, it can rise to 4230 and 4550
by end December. Crude oil needs a daily close below 3600 to be in a short term
bearish phase.
Weak
fundamentals are already factored in by the markets. Opec does not want Brent
crude oil to trade below $55.00. Supply side pressures needs to be closely
watched. Trade war related recession or slowdown has already been factored in
crude oil price.
Crude oil 19th
November 2019: (previous day close/CMP Rs.3855.00)
Small sell off below: 3827
Quick rise over: 3888
- Crude oil can rise to 3945 and 4080 as long as it trades over
3780-3810 zone.
- Crash today will be there below 3780.
Disclaimer: Any opinions as to the commentary, market
information, and future direction of prices of specific currencies, metals and
commodities reflect the views of the individual analyst, In no event shall
Insignia Consultants or its employees have any liability for any losses
incurred in connection with any decision made, action or inaction taken by any party
in reliance upon the information provided in this material; or in any delays,
inaccuracies, errors in, or omissions of Information. Nothing in this article
is, or should be construed as, investment advice. All analyses used herein are
subjective opinions of the author and should not be considered as specific
investment advice. Investors/Traders must consider all relevant risk factors
including their own personal financial situation before trading. Websitewww.insigniaconsultants.in. Prepared by Chintan
Karnani
Disclosure: Insignia
consultants or it employees do not have any trading positions on the trading
strategies mentioned above. Our clients do have positions on the trading
strategies mentioned in the above report.
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NOTES TO THE ABOVE REPORT
ALL VIEWS ARE INTRADAY UNLESS OTHERWISE
SPECIFIED
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NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
PLEASE
USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
THE
TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
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