Insignia Consultants
New Delhi
Wednesday, 19 February
2020
TIME
9:41 AM IST
----------------------------------------------------------------------------------------------------------------
MCX
METALS MARKET REPORTCrude oil has opened higher. I was expecting crude oil to fall but it rose. There are huge short positions in crude oil globally. Short covering happens in crude oil with every Rs.70-Rs.100 rise in MCX. Crude oil is still fundamentally bearish. But at the moment it is better to trade with the momentum in crude oil. Gold is near historical highs. Silver is firm. Copper and other industrial metals have held key short term support.
There will be very sharp two way moves in all metals and energies. It is all about the corona virus and nothing else.
MCX Crude oil 19th March 2020: (previous day close/CMP Rs.3789.00)
1. 200 week moving average is at 3793.
2. Crude oil needs to trade over 3793 till
tomorrow to rise to 3995.
3. Crash or bearish trend today will be there
only if crude oil falls below 3747.
Daily
view on US Dollar-Indian Rupee (usd/inr) spot: Current price: 71.5850: There will be short covering if rupee break
and trades over 71.7000 till Friday. A break of 71.7000 will result in 71.9250
and 72.1225. Sellers today will be there below 71.4750. (For Trading Report, Whatsapp @9311139549)
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: Members, employees, directors, clients and all other people
associated with “Insignia consultants” do trade in MCX metals and energies.
They may or may not have positions on the trading strategies mentioned in this
report. They may also have open positions in MCX metals and energies futures in
trading strategies other than those mentioned in this report.
Insignia Consultants does not have any branches in India.
Insignia Consultants does not have any marketing agents in any city in
India.
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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