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.

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,