MCX Crude Oil can pullback to Rs 7,700; Natural Gas likely to test Rs 600

The pullback in MCX Crude Oil futures is aided by cut in oil production by OPEC+ members. The commodity crossed its 50-DMA for the first time since July 2022.

The MCX Crude Oil futures are in pullback mode as select momentum oscillators on the weekly chart were in oversold conditions. The price-to-moving averages action remains negative, hence should be cautious at higher levels. On the other hand, the MCX Natural Gas futures seem poised for a fresh up move this week.

Crude Oil

Bias: Negative

Last close: Rs 7,177

Resistance: Rs 7,570; Rs 7,815

Support: Rs 7,080; Rs 6,855

The MCX Crude Oil futures crossed over the 50-DMA (Daily Moving Average) for the first time since early July. The recent 3-day rally has helped Crude Oil prices conquer, both, the 20-DMA (Rs 6,780) and the