Tuesday, July 20, 2021 TIME 12:40 PM IST
MCX Crude oil August future View after yesterday’s crash. (Current price Rs.5043)
MCX crude oil August future fell over seven percent yesterday (from Friday’s close) to a low of Rs.4945. Fears of reduced demand from new variants of coronavirus apart from plunge in US stock market is the reason. Technical breakdown and technical breakout will always happen when price moves in a single direction.
Technical View for MCX Crude oil August Future
Crude oil demand outlook for August month is the key for price. Summer vacation demand of crude oil in Eurozone, UK and USA will drive investment interest and price. Lockdown due to coronavirus will result in more sell to Rs.4575. Indian Rupee will also gain against the US dollar if Brent crude oil price plunges.
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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. A
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NOTES TO THE ABOVE REPORT
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PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
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