Crude Oil (MCX): Tuesday - 01/11/22

1 нояб. 2022 г.

Levels:
Support: 7250, 7180, 7130, 7000
Resistance: 7250-7275, 7300, 7400.

OI Data (16th Nov Expiry):
Highest OI Call in Crude per OI data: 7500
Highest OI Put in Crude per IO data: 6500
Nearest Major Resistance in Crude per OI data: 7300 (the CMP)
Nearest Major Support in Crude per IO data: 7000

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).
3. Crude is negotiating 7300 today. Above 7300, it will reach first 7330, then 7400 level.
4. The solid support is at 7000 level.

Trade:
1. Once 7300 is broken and a N pattern is created (i.e. 7300 is retested and hold), try with a 7400 CE (16th Nov expiry)
2. Around 7400 if resistance faced and retested (i.e. price unable to sustain above 7400), book the CE and try with a 7300 PE (16th Nov expiry)
Note: both of these are naked Commodity Options, so inherently risky (riskier than Bank Nifty)