Crude Oil (MCX): Monday - 05/12/22

Levels:
Support: 6500, 6350, 6250, 6050
Resistance: 6650, 6780

OI Data (15th Dec Expiry):
Nearest Major Resistance in Crude per OI data: 6600 (2.3K), 6700 (2.5K)
Nearest Major Support in Crude per IO data: 6500 (2.4K), 6400 (2K)

Trade setup:
1. For any buy trade, follow the N pattern (let the price run above the level, let it retraces back to the level and let it hold the level as support)
2. For any sell trade, follow the mirror-N pattern (let the price fall below the level, let it pull back to the level and unable to pass through the level as resistance).

Trade:
1. Looking at the OI data, it's going to be range bound : 6400-6700
2. So from OI perspective, this Option Strategy shall work for 15th Dec Expiry:
Strategy: Iron Condor (range bound)
BUY Call 7000, BUY Put 6100
SELL Call 6900, SELL Put 6200
All Dec-15 Expiry.