Crudeoil MCX positional IMP level postionalHello Everyone,
MCX Crude trading at 58 40-50 at very crucial support or ema 200 and trendline with breakut retest set up, Buy on dips till 5600 with positional Stop loss 5450 upside possible 6200,6550,6970,7300++ If Breaks of support 5220,5030,4850 possible.
Mcxcrudeoil
Crude OIL Swing Trade - DecemberCrude oil has given a very good fall. But has it bottomed out?
From the charts, we can see 5700 levels is where crude has formed the nearest bottom. Also, the swing high is 6000. I will go long if 6000 is taken out in the next couple of days. Otherwise, I will not be trading on crude.
Massive sell of Crude post US CPI data - 12 December 2023 News Based:
Post-CPI Inflation data 3.1% rise in November YoY - Massive sell-off of Crude was seen.
Higher oil prices contribute to inflation directly and by increasing the cost of inputs.
Hence, we can see a massive crude oil sell-off.
Technicals
5755 is a crucial level
if Crude sustains below we can see a massive downfall as seen in the image
Crudeoil Important levels to watch. Crudeoil important levels to watch are as follows
#Support: 6810
Sell below: 6810 only on 15 minute candle closure below the level.
Target 1: 6740
Target 2: 6670
#Resistance: 6890
Buy Above: only on 15 minute candle closure Above the level.
Target 1: 6950
Target 2: 7030
#Demand Zone: 6810-6820 may act as a immediate buying zone, and price may bounce from the region marked in green on the chart.
#Supply Zone: 6870-6890 may act as an immediate selling zone, and price may reject from the region marked in red on the chart.
#Remember each level will act as a support and resistance individually so there is a probability of reversal on either side. Please do your own research before initiating any trade. Always keep stoploss in order to protect your capital.
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MCX Crude Oil: Will it Drop Below 5000 Before the Weekend?MCX Crude Oil: Will it Drop Below 5000 Before the Weekend?
In the wake of the COVID-19 pandemic, crude oil prices experienced significant volatility, hitting a low of 795 and reaching a peak of 9996 on March 8, 2022 . Currently, the price is undergoing a retracement, approaching the key level of 50% .
Following the peak, crude oil prices began to decline, forming a parallel channel pattern. The price has been trading below this channel for over a year. Based on moving averages data, crude oil is expected to reach the support level of 5396, which is currently acting as a strong support zone. A potential reversal may occur around the "control price line" from the 0.5 level of the Fibonacci retracement.
If crude oil breaks the key retracement level and consistently closes below it, the following target levels may come into play: 5200 - 5000 - 4700.
Crude Oil (MCX): Monday - 20/02/23Levels:
Support: 5500, 5450, 5350
Resistance: 5500-5575, 5625, 5700, 5750
OI Data (17th April Expiry):
Nearest Major Resistance per OI data: 5700
Nearest Major Support per IO data: 5500
Trade setup:
+++++++++++++++++++++++++++++++++++++++++
Trade | Level | SL | T1 | T2
-----------------------------------------
BUY | > 5600 | 5560 | 5650 | 5700
-----------------------------------------
SELL | < 5500 | 5550 | 5450 | 5400
+++++++++++++++++++++++++++++++++++++++++
Crude Oil (MCX): Monday - 13/03/23Levels:
Support: 6280, 6200, 6150, 6070, 6000
Resistance: 6325, 6400, 6430
OI Data (16th Mar Expiry):
Nearest Major Resistance per OI data: 6400
Nearest Major Support per IO data: 6200
Trade setup:
+++++++++++++++++++++++++++++++++++++++++
Trade | Level | SL | T1 | T2
-----------------------------------------
BUY | > 6325 | 6290 | 6350 | 6400
-----------------------------------------
SELL | < 6250 | 6300 | 6200 |6150
+++++++++++++++++++++++++++++++++++++++++
Crude Oil (MCX): Tuesday - 07/02/23Levels:
Support: 6250, 6175, 6075
Resistance: 6300, 6400
OI Data (15th Feb Expiry):
Nearest Major Resistance in Crude per OI data: 6500
Nearest Major Support in Crude per IO data: 6200
Trade setup:
+++++++++++++++++++++++++++++++++++++++++
Trade | Level | SL | T1 | T2
-----------------------------------------
BUY | > 6300 | 6250 | 6350 | 6400
-----------------------------------------
SELL | < 6200 | 6250 | 6100 |6050
+++++++++++++++++++++++++++++++++++++++++
Crude Oil (MCX): Monday - 06/02/23Levels:
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| 6700
-----------------------------------------
SELL | < 6400 | 6450 | 6300 |6200
+++++++++++++++++++++++++++++++++++++++++
Crude Oil (MCX): Monday - 05/12/22Levels:
Support: 6500, 6350, 6250, 6050
Resistance: 6650, 6780
OI Data (15th Dec Expiry):
Nearest Major Resistance in Crude per OI data: 6600 (2.3K), 6700 (2.5K)
Nearest Major Support in Crude per IO data: 6500 (2.4K), 6400 (2K)
Trade setup:
1. For any buy trade, follow the N pattern (let the price run above the level, let it retraces back to the level and let it hold the level as support)
2. For any sell trade, follow the mirror-N pattern (let the price fall below the level, let it pull back to the level and unable to pass through the level as resistance).
Trade:
1. Looking at the OI data, it's going to be range bound : 6400-6700
2. So from OI perspective, this Option Strategy shall work for 15th Dec Expiry:
Strategy: Iron Condor (range bound)
BUY Call 7000, BUY Put 6100
SELL Call 6900, SELL Put 6200
All Dec-15 Expiry.
Crude Oil (MCX): Friday - 02/12/22Supports: 6500 (Very Important - Fib 61.8%), 6325-6350, 6200, 6075
Resistance: 6650-6680 (Very Important - Fib 78%), 6775-6800
OI Data: Call OI Changes: 6600(2.2K), 6700(2.5K), 6800 (2K), 7000(5.6K)
PUT OI Changes: 6500 (3.2K), 6400 (2.6K), 6200 (2K)
So from OI perspective, this Option Strategy shall work for 15th Dec Expiry:
Strategy: Iron Condor (range bound)
BUY Call 7000, BUY Put 6100
SELL Call 6900, SELL Put 6200