MCX Metals Market Report: 19th February 2020

By: Admin
27562

Insignia Consultants

New Delhi

Wednesday, 19 February 2020

TIME 9:41 AM IST                         

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MCX METALS MARKET REPORT

Crude 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.

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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.

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NOTES TO THE ABOVE REPORT

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