Future contract of MCX:CRUDEOILMJ2023 looks bullish as of now, going long at the current market price of 5817, my stop loss is at 5782 and target at 5902.
Let's do a multi time frame analysis of Crude chart.
On monthly time frame Crude seems to be running in a parallel channel, except that it has given two outliers outside it. It first broke down the channel during Covid to make a new low and then during Ukraine Russia crisis it broke out of the channel to make a new high.
On weekly time frame, crude made a...
Levels:
Support: 6500, 6460, 6375, 6335, 6300
Resistance: 6620, 6700
OI Data (15th Feb Expiry):
Nearest Major Resistance in Crude per OI data: 6600
Nearest Major Support in Crude per IO data: 6400
Trade setup:
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Trade | Level | SL | T1 | T2
-----------------------------------------
BUY | > 6620 | 6550 | 6660 |...
Chart:
Logic:
Levels:
Support: 6420, 6300, 6250, 6175, 6075
Resistance: 6500, 6550
OI Data (15th Feb Expiry):
Nearest Major Resistance in Crude per OI data: 6500
Nearest Major Support in Crude per IO data: 6400 (shifted from 6200 y'day)
Trade setup:
+++++++++++++++++++++++++++++++++++++++++
Trade | Level | SL | T1 |...
Levels:
Support: 6350, 6300, 6200
Resistance: 6450, 6500, 6650
OI Data (15th Feb Expiry):
Nearest Major Resistance in Crude per OI data: 6500
Nearest Major Support in Crude per IO data: 6300, 6200
Trade setup:
+++++++++++++++++++++++++++++++++++++++++
Trade | Level | SL | T1 | T2
-----------------------------------------
BUY | > 6500 | 6400 | 6600|...
Crude is bouncing from a very good Demand Zone in WEEK Time Frame and is near to the neckline of Inverted H&S in DAY Time Frame.
Buy when Breakout above Neckline
Buy above 6750
Tgt 7250 - 7600
SL 6500
Disclaimer: These are my personal views and are for Educational purposes & paper trade only. Please analyse yourself also and consult your financial advisor...
Supports: 6530, 6420, 6320
Resistances: 6700, 6850
OI Data:
Major Resistances (Call writings): 6600, 7000
Major Supports (Put writings): 6500, 6400
It's going to be rangebound: 6500 to 6650 range. Buy around 6500, sell around 6650.
Levels:
Support: 6600-6650, 6500, 6475, 6375
Resistance: 6775, 6850, 7000
OI Data (17th Jan Expiry):
Nearest Major Resistance in Crude per OI data: 6500
Nearest Major Support in Crude per IO data: 6500
Trade setup:
Trade setup:
1. Looking at the OI data, most crutial range is: 6500
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Trade | Level | SL | T1 |...
Supports: 5900, 5800, 5700
Resistance: 6050, 6150, 6275
Max OI:
Call side: 6000 & 6500
Put side: 6000
Trend is downtrend only. 6000 is the most crucial level as 10K+ OI (Call + Put) is sitting there.
Support: 6080, 6000
Resistance: 6150, 6250, 6350
View: Sell on rise. Too much call Open Interest addition is seen.
Now where to sell (on rise)? 6250-6275 is perfect level to short. Next is 6350 level.
OI Data:
Call writing are havoc. 6100 (2.8K), 6200 (3.5K), 6300 (4.1K), 6400 (4.6K), 6500 (8.1K).
Put writing: 6100 (2.5K), 6000 (3,5K)
MCX Evening Session Crude Oil level.
Supports: 6350, 6200
Resistances: 6700, 6850, 7100.
Overall it's range bound.
From OI perspective (15th Dec Expiry):
1. Max Call writings (Resistance) are in 6700 (2882 contracts).
2. Max Put writings (Support): 6500 (1850)
VERDICT MCXCRUDE MCX:MCXCRUDEX
Making a Giant Head and Shoulder
Crude Can Show Huge Upside
Caution For Stock Markets
Especially Who Import Crude Oil
Keep Watch
Only For Study Purpose
Crude Long (01 Nov)
RSI-55
Buy at CMP- 7257 or at 7240
SL- 7200
Target- 7340, 7379
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Charts and views are only for educational purpose.
