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CRUDE OIL (Nymex / MCX)

Last updated : 06 June 2021

Crude OIL is the most favourite instrument for commodity trader cause of its volatility in intraday as well as in positional. Multi Commodity Exchange (MCX) allowed traders to trade in Crude OIL. Lot size of Crude OIL is 100 ( 1 Points = Rs. 100. Required margin little bit high to trade in MCX Crude Oil (Currently it is more than 1 lac). (Time to time margin changed by exchange, so please check it once before taking any action). Recently, exchange started trading in Crude Options also, so trader can buy Crude Oil call and put options also. One can hedge their long or short position of crude by writing Crude options. One should have proper knowledge to do this.

Latest View on Crude Oil (Nymex / MCX)

06 June 2021 : Nymex Crude closed at 69.41 (Friday, 4 June 2021 closing price). As per technical chart, support level for Crude at 69.25 and then next support at 68.95. Resistance for crude at 69.50 and then next resistance level 69.95. Tomorrow, if crude sustain below 69.25 then one can short with stop loss 69.55 for target price of 69.00 / 68.75 68.50. If Crude sustain above 69.60 then make long position with strict stop loss of 69.20 for target price 69.90 / 70.15 / 70.40. Positional outllook positive for crude oil. So do not carry short position till no weakness in daily chart. MCX Crude oil support at 5050 / 5020, resistance level 5080 / 5110. Above 5080 make long position with stop loss of 5045 for target 5110 / 5125. Below 5040, one can short with stop loss of 5080 for target 5015 / 4995. Given view, only for educational purpose and based on last 2-3 days movements of US Oil.

17 May 2020 : Crude first support level for tomorrow 29.00, if break then make short position with stop loss 29.55 for downside target 28.50/28.20.. above 30.36..it can bounce to 30.80 / 31.20 level. By above US Crude Oil level, one can trade in MCX Crude MCX. Given view, only for educational purpose and based on last 2-3 days movements of US Oil.

02 May 2020 : WTI Crude Oil closed at 19.70. It was trading in the zone of 18.07 (day low) to 20.45 (day high). But we have seen lot of selling pressure around 20 to 20.30 zone. Same getting good support around 18.50-18.70. So for Monday, one has to keep these two levels in mind, First level is 20, if sustain above 20 then go long with stop loss 19.40 for target 20.70. Same if sustain below 18.50 then go short with stop loss of 19.30 for target 17.90. By above US Crude Oil level, one can trade in Crude MCX levels. Given view only for educational purpose and based on last 2-3 days movements of US Oil.

18 April 2020 : In international market, Crude closed at 18.18. As per technical analysis, Resistance for crude now at 19.20 then next resistance level at 20.00 dollar. Support level for Crude now at 17.35. Below 17.30, we can see some more selling upto 16.90 / 16.70 level. In MCX Crude oil, resistance 1460 level for Monday, support level 1360.

16 April 2020 : In international market, Crude currently trading around 19.80 to 20 dollar. In MCX, crude closed at 1559. For tomorrow, 16 April 2020. As per last 2-3 days chart, Major resistance around 1620-1625, and 1500 is strong support. As per today's chart, if tomorrow crude sustain below 1540 then further downside 1522 / 1505 we can see. Above 1595, we can see 1618 / 1634 level. Keep stop loss as per your risk capacity or concerned with your advisor. This view as per current price and movement, if overnight any news come then ignore these points.

12 May 2019 : In international market, Crude closed at 61.73 and in Indian Market, Crude oil closed at 4316. Since last one week crude is in tight range of 100 points approximately. In the upper side 4360-4370 is hurdle for Crude oil and 4200-4220 is support zone. Next week, above or below these level we can see next trend.