MCX Crude Oil can dip to Rs 6,200; Natural Gas futures seen testing Rs 420

On the upside, the MCX Crude Oil futures are likely to face resistance around Rs 7,070 and Rs 7,220. Natural Gas futures face resistance at Rs 485, above which it may pullback towards its 200-DMA.

Both the energy based futures, the MCX Crude Oil and Natural Gas are looking weak on the charts following the break of key support levels. The MCX Crude Oil has dipped below its 20-DMA, while the MCX Natural Gas futures have broken the all-important 200-DMA on the daily chart. 

Crude Oil

Bias: Negative

Last close: Rs 6,842

Target: Rs 6,200

Support: Rs 6,650; Rs 6,540

Resistance: Rs 7,070; Rs 7,220

After a brief rally earlier this month towards the 100-DMA (Daily Moving Average), wherein the MCX Crude Oil futures tested levels of Rs 7,700, the energy-based commodity has once again slipped below its 20-DMA, placed