MCX Crude Oil Report: 27th November 2019

Insignia Consultants

New Delhi

Wednesday, 27 November 2019

TIME 9:57 AM IST                         

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MCX CRUDE OIL REPORT

Current price Rs.4167.00 (MCX Crude Oil, 18th December expiry)

Bearish case: Crash or short term bearish phase will be there if crude oil does not break and trade over 4297 by 10th December.

Bullish case: Till future close on 18th December: Trend is bullish with 4297 as key resistance. Only a break of 4297 will trigger another wave of rise to 4425 and 4569. Key long term support is at 3913 and initial support is at 3913.

Trading strategy: (1) I am against new buying position in crude oil unless it breaks and trades over 4297 with strict trailing stop loss.

Crude oil is firm on hope that a US-China trade deal next month will result in higher global growth next year. A massive sell off to $50 and below (nymex crude oil) will be there if the trade deal does not happen and/or trade deal escalates.

 

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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