SUNDAY
SUNDAY
WEEKLY UPDATE
Mcx Crude oil last week opened with negative note , prices opened at 2757 levels and dropped to 2600
on week end closing it went up to 3000 in INR, erasing all its earlier loss and a single day gain
in nearly six months, prices has taken supports at 2600 levels and we were maintaining buys in
crude oil from last week based on Korean tensions, but last two trading session spurt in prices is
mainly associated with the news that Depression in Atlantic coast has now converted as Tropical
storm and the meteorological department has warned that it may change to hurricane when it comes
close to Gulf of Mexico, were 90% of USA refiners or located, technicals also looks very positive
to test 3120 levels immediately with supports below 2900 levels.
Weekly Call :
\
Buy Mcx Crude oil or Crude oil mini on dips between 2950 – 2980
with SL below 2880
for targets 3080 and 3120.
(close above 3120 might push the prices to next level up to 3400 levels postionally).
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