Immediate hurdle for Crude Oil seen at Rs 6,725; Natural Gas to test Rs 380

On the downside, key support for MCX Crude Oil stands at Rs 6,350, below which a steeper fall to Rs 4,800 seems possible. Rs 413 - 418 is the resistance zone for Natural Gas on Wednesday.

The MCX Crude Oil futures and Natural Gas futures continue to trade with a negative bias, thus keeping the possibility open for a steep fall towards Rs 4,800 and Rs 285 levels in the medium- to longer time-frame.

Crude Oil

Bias: Negative

Last close: Rs 6,681

Target: Rs 4,800

Support: Rs 6,350; Rs 5,850

Resistance: Rs 6,725; Rs 6,830

The MCX Crude Oil futures, so far, this week managed gains in the first two trading sessions but at the same time faced resistance at its 50-DMA (Daily Moving Average) at Rs 6,725. The 50-DMA is seen acting as an immediate hurdle for the Oil prices