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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.

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Rex Cano Mumbai
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

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First Published: Oct 19 2022 | 9:24 AM IST

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