ONE IMPORTANT INFORMATION TO ALL CRUDE OIL TRADERS
With in 4 days, We saw a big movement from 7015 to 7516 upwards, and 7516 to 7112 downwards,
But in comex, 108.70$ to 106.70$ only
in USDINR, 68.50 to 66.00 only...
So Calculate well... There is no reason for this 400 points.... This movement is due to fear of the crude oil traders....
For example, on 03.09.2013, Market breached upper circuit that means all were in buying position, on 04.09.2013, Market breached lower circuit that means all the buyers of 03.09.2013 sold their position...This is due to worry about Syria War, Global Equity Markets and Currency Movements
But Dont calculate the MCX crude price using USDINR and Nymex crude Price..We are trading in futures market... so market will react more than the currency and comex movement.....
As per the real calculation, Crude should trade within 200 points... but what happened? this is trading within 400 Points up and down range....
this clearly indicates that crude is not trading at exact calculation of USDINR and Nymex crude..... not only crude, this also matches
Gold-2000 Points Down, in comex just 20 Points down,
Silver 4000 Points down, in comex , just one dolloar down,
Copper 26 points down, in comex, just two percent down,
Crude 300 points down, in comex, just one percent down
So trade with technicals, dont trade with calculation of currency and nymex crude price....
Thanks
Regards
Vinothbabu
The Tamil Trader