Crude Oil (MCX): Monday - 31/10/22

29 oct 2022

Levels:
Support: 7180-7160, 7120, 7000 (Solid Support, even in OI data)
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
Nearest Major Support in Crude per IO data: 7000

Trade setup:
1. Still by-and-large range-bound. However the range is shifted higher side.
2. New range: 7300-7000 (Price-Action data is matching with OI data)
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 6800 PE (Nov-16 expiry) :
C. sell 7400 CE (Nov-16 expiry)
D. sell 6900 PE (Nov-16 expiry)
Net credit - (i.e. you need not to pay, rather earn different of premiums): 70 per lot. (Margin you have to check with broker)
BEP (safe range): 7450-6850