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MCX Crude Oil futures likely to consolidate, Rs 6,200 seen as major support

On the upside, the MCX Crude Oil December futures can test Rs 7,200 to Rs 7,400 levels during the consolidation phase.

Oil trade
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Rex Cano Mumbai
The MCX Crude Oil December futures were seen testing the key support at its 100-WMA in the recent fall. As long as the support at 100-WMA stands, the energy-based commodity could consolidate with a possibility of testing Rs 7,200 - Rs 7,400 on the upside. 

Crude Oil
Bias: Consolidation likely
Last close: Rs 6,723
Resistance: Rs 7,210; Rs 7,420
Support: Rs 6,210

The MCX Crude Oil December futures tumbled as much as 19 per cent in the last two weeks, with the short-term trend turning negative on the weekly chart. The energy-based commodity tested the support at its 100-WMA (Weekly Moving Average) at Rs 6,208-odd level,

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First Published: Nov 23 2022 | 9:29 AM IST

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