MCX Crude Oil can fall to Rs 5,900; Natural Gas may soon test Rs 500-mark

The MCX Crude Oil October futures are likely to test major support of 100-WMA around the Rs 5,900-level. Whereas, for the week, Rs 530-level is the key support for Natural Gas futures.

The overall trend for both the energy-based commodities - Crude Oil and Natural Gas is negative as per the charts. The MCX Crude Oil futures seem on course to test the 100-WMA placed at Rs 5,900-level, while the Natural Gas futures could soon test the 200-DMA around the Rs 500-mark.

Crude Oil

Bias: Negative

Last close: Rs 6,490

Resistance: Rs 6,820

Support: Rs 5,900

Since the start of September, the MCX Crude Oil futures have constantly drifted lower, with the upside seen capped at its 20-DMA (Daily Moving Average). The price-to-moving averages action remains clearly in favour of the bears, and the short-term bias is likely