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