Mcx Crude Oil Report: 4th October 2019

Insignia Consultants

New Delhi

Friday, 04 October 2019

TIME 9:11 PM IST                         

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MCX CRUDE OIL REPORT

Crude oil is still fundamentally bearish. Only supply side disruptions can life crude oil. Slowing US economic and the impact on US crude oil demand can result in more sell in crude oil. However crude oil bulls have hope as long as Nymex crude oil trades over $49-$51 zone.

Crude oil 21^st October 2019: (previous day close/CMP Rs.3737.00)

1. Key long term support is at 3570.
2. As long as crude oil trades over 3570, it can rise to 3930 and 4030.
3. Long term bearish trend will be there if crude oil trades below 3570 for a few days.
4. Remain on the side-lines and watch for short covering before close.

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

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