Commodities
THURSDAY, MAY 21, 2020
CRUDE
CRUDE IN INR:
VIEW POINT:
MEDIUM TO LONG TERM BOTTOM:
STRATEGY- BUY
CRUDE IN INR
CMP- 2563 (21.05.2020)
Crude closed @2563 levels as on 21.05.2020. We have seen sharp correction in the month of April in crude. It made a low of 795 levels in INR in these corrections. But after that we have seen sharp rebound in the month of MAY from these lower levels.
It looks like medium to long term bottom in crude & end of long term correction in crude. It also looks like impulsive structure in crude from recent bottom. It has strong first support around 1800 levels & second support around 1300/1200 levels. Any kind of decline towards lower is buying opportunity. One should keep in mind these support levels for better risk reward for fresh buying systematically.
Although In short term we may some kind of profit booking from current levels due to sharp surge from recent bottom but as far as overall view is concerned one should look to BUY crude at decline And one can expect initial target of around 3500-3700 levels.
VIEW POINT:
MEDIUM TO LONG TERM BOTTOM:
STRATEGY- BUY
CRUDE IN INR
CMP- 2563 (21.05.2020)
It looks like medium to long term bottom in crude & end of long term correction in crude. It also looks like impulsive structure in crude from recent bottom. It has strong first support around 1800 levels & second support around 1300/1200 levels. Any kind of decline towards lower is buying opportunity. One should keep in mind these support levels for better risk reward for fresh buying systematically.
Although In short term we may some kind of profit booking from current levels due to sharp surge from recent bottom but as far as overall view is concerned one should look to BUY crude at decline And one can expect initial target of around 3500-3700 levels.