With MCX Crude Oil below Rs 7,050, bears likely to reign; charts suggest

The MCX Crude Oil October futures may see a directional move on breakout from the Rs 6,550-6,900 trading range so far this week. Short-term trend for Natural Gas futures may soon turn negative.

A breakout from the Rs 6,550 - Rs 6,900 range, is likely to set the direction for the MCX Crude Oil futures this week. Whereas, in case of Natural Gas prices, charts indicate that conditions are turning more favourable towards the bears. That apart, the US Federal Reserve rate decision on Wednesday night could have a major impact on the trend.
 

Crude Oil

Bias: Negative

Last close: Rs 6,762

Resistance: Rs 7,050

Support: Rs 6,460

The MCX Crude Oil futures have been trading with a negative bias for more than three months now, ever since the breakdown in mid-June. During the period, the commodity