Crude Oil (MCX): Thursday - 27/10/22

Levels:
Support: 7180, 7120, 7120, 7020
Resistance: 7290-7300, 7360-7400.

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 (1370 OI with 16% addition y'day)
Nearest Major Support in Crude per IO data: 7000 (2615 OI with 25% addition y'day)

Trade setup:

1. Yesterday there is a very good breakout above 7180 level with high volume.Which is a bullish indication.
2. The next crutial level to watch for is: 7300 (7230-7290 is the zone). If it sustains above it, 7400 is in the card.
3. Anyone wish to play hedge can go with a range-bound non-directional strategy of the following range:
A. buy 7500 CE (Nov-16 expiry)
B. buy 6600 PE (Nov-16 expiry)
C. sell 7400 CE (Nov-16 expiry)
D. sell 6500 PE (Nov-16 expiry)
[Note: Crude is volatile, specially in current global uncertain situation.]