MCX Crude Oil futures seem range-bound; Bias positive for Natural Gas

The MCX Natural Gas May futures are likely to trade with a bullish bias in May as long as the commodity holds above Rs 576-level.

Crude Oil

Bias: Range-bound

Last close: 7,892 

Support: Rs 7,520

Resistance: Rs 8,100

The MCX Crude Oil May futures are seen consolidating in a broad trading range of Rs 7,100 to Rs 8,500 since the last six weeks. However, the overall bias as per the weekly charts remains positive as the commodity has constantly found support around its 20-WMA (Weekly Moving Average) placed at Rs 7,200-odd level on a closing basis.

Presently, the daily charts indicates lack of direction with supports seen at Rs 7,920 and Rs 7,780 - its 50-DMA (Daily Moving Average) and 20-DMA, respectively. As long as these levels are held