Friday, March 26, 2021 TIME 12:05 PM IST
Trading View: MCX Crude oil flirts with fifty day moving average
MCX Crude oil April is trading around fifty day moving average of Rs.4320. Crude oil price fell 12.95% percent from the March high of Rs.4826 to Rs.4201 (on 25th March). Spread of coronavirus all over Europe, quarter end profit booking and gains in the US dollar Index are some the reason why crude oil prices corrected. Despite the fall crude oil futures in MCX has risen nearly twenty one percent this year (as of closing price on 25th March).
Technical trend for MCX near term crude oil futures
The pace of rise of crude oil will slow in second quarter (as compared to last two quarters). Demand optimism will prevent significant price crash. Right now one needs to take a close look at how quickly Suez Canal resume normal operations.
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.Website www.insigniaconsultants.in. Prepared by Chintan Karnani. Customer care, whatsapp/telegram 9311139549
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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