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Crude Oil Outlook 22.04.20

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Commodity brokers are exploring ways to challenge the settlement price of April crude oil futures by Multi Commodity Exchange Clearing Corporation (MCXCCL) in the Bombay High Court.

Brokers are upset with the settlement of April crude oil contracts at a negative Rs 2,884 per barrel by MCXCCL. They are planning to move to the Bombay High Court on April 22 before 11 am. "A number of brokers whose clients have long positions are on the same page and planning to challenge this settlement price. We will file for an urgent hearing in the Bombay High Court," a broker told.

Explaining the crux of the issue, another broker said: "Our market shuts at 5 pm and NYMEX crude traded in the negative late in the night. It is at those prices that MCX is settling its April expiry contract. When our market closed, neither were clients able to cut down their positions nor were brokerages able to seek additional margin against client positions. We had taken hundred percent margin exposure due to expiry day."

Important Levels for 22/04/2020

Resistance 1 – 1402
Resistance 2 – 1458
Resistance 3 – 1510

Support 1 – 1284
Support 2 – 1218
Support 3 – 1164

Note:- Levels May Change after the opening of Market

Thanks!

ProCapitas Market-Pro Team

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