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Crude Oil Outlook 27.04.20

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Brokers are now restricting clients from trading in crude oil futures after prices crashed to a historic low last week. On Sunday, many brokers, including Mumbai-based Angel Broking, said they had temporarily suspended trading in crude oil futures as the price slipped into the negative territory recently.

Last week, a few brokers suffered losses of more than ₹442 crores as they were holding open positions on the Multi Commodity Exchange (MCX) in the crude oil contracts when the price of the commodity in the US turned negative. The loss could be higher if one considers 80 percent crash in crude oil from the top, and the figure for retail and high net worth investors may run into few thousands of crore, brokers say.
Motilal Oswal, a large retail broker, declared a loss of ₹80 crores from crude oil trading and said all of it belonged to clients. Angel Broking said its 145 clients lost around ₹13.5 crores.

CRUDE OIL INTRADAY LEVELS

RESISTANCE 1 – 1415
RESISTANCE 2 – 1462
RESISTANCE 3 – 1506

SUPPORT 1 – 1300
SUPPORT 2 – 1242
SUPPORT 3 – 1183

Note:- Support and Resistance May Change after the opening of the Market.

Thanks!

ProCapitas Market-Pro Team

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