MCX Crude Oil and Natural Gas Report: 17th July 2019

Insignia Consultants

New Delhi

Wednesday, July 17, 2019

TIME 9:07AM IST                        

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MCX CRUDE OIL REPORT

Crude oil and NG are fundamentally bearish. There is no supply side disruptions at the moment at the moment. Reduced crude oil production in the Gulf of Mexico can result in lower US weekly crude oil inventories today.

The next two days very crucial for crude oil from a technical perspective.

Crude oil 19th July 2019: (previous day close/CMP Rs.3964)

  1. 3987 price target achieved.
  2. Key support is at 3905. Crash will be there below 3905 to 3826 and 3725.
  3. Immediate resistance is at 4011. Crude oil needs to break and trade over 4011 to be in intraday bullish zone.

Natural gas 26th July 19 (previous day close/CMP Rs.160.30):

  • Crash will be there below 157.10.
  • Trend is down at the moment.
  • However if NG does not fall below 157.10 today, then it will rise to 171.10 and 176.

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

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NOTES TO THE ABOVE REPORT

ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED

PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS

PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.

ALL PRICES ARE IN INDIAN RUPEE UNLESS OTHERWISE SPECIFIED

APPROPRIATE STOP LOSSES PER LOT IN INDIAN RUPEEES ON THE TRADING CALLS GIVEN IN THIS REPORTTHE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT

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