Bias positive for MCX Crude Oil, Natural Gas: Key levels to watch out

The MCX Crude Oil futures may seek support around the 50-DMA at Rs 7,716; while the bias for Natural Gas is likely to remain bullish as long as it sustains above Rs 525.

Crude Oil

Bias: Positive 

Resistance: Rs 8,060

Support: Rs 7,716

The MCX Crude Oil futures, so far, have witnessed an intra-week correction of 6.8 per cent. The commodity from a high of Rs 8,372 on Monday tanked to a low of Rs 7803 on Tuesday. 

As per the price-to-moving averages action, the commodity has closed marginally below its 20-DMA (Daily Moving Average) at Rs 7,924. The price-to-moving average action indicates a bullish bias, as the 20-DMA is currently above the 50-DMA (Rs 7,716). The 50-DMA is now likely to act as an immediate support. Whereas, on the upside, the Crude Oil can look