MCX Crude Oil Report: 18th October 2019

By: Admin
4 weeks ago
4804

Insignia Consultants

New Delhi

Friday, 18 October 2019

TIME 9:30 AM IST                         

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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

  1. Crude oil can rise to 3945 and 4080 as long as it trades over 3780-3810 zone.
  2. 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

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NOTES TO THE ABOVE REPORT

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