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MCX Crude oil may find support at Rs 6,400; Natural Gas could test Rs 227

On the upside, the Rs 6,700-odd level remains a major hurdle for Crude Oil futures; whereas, interim support for Natural Gas is placed at Rs 240.

Oil, fossil fuel
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Rex Cano Mumbai
The MCX Crude Oil futures continue to face resistance around the Rs 6,700 hurdle, a level it has been unable to conquer conclusively since mid-November. However, select momentum oscillators have now turned favourable, hence, the commodity could seek support at higher levels as it consolidates.

Meanwhile, Natural Gas futures continue to trade with a bearish bias. Although, the commodity seems oversold on the daily chart, the monthly chart indicates a possibility of more pain ahead.

Crude Oil
Bias: Range-bound
Last close: Rs 6,560
Anticipated Range: Rs 6,780; Rs 6,075
Support: Rs 6,430; Rs 6,400
Resistance: Rs 6,725

The MCX Crude Oil futures continue to face resistance around its

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First Published: Jan 25 2023 | 10:11 AM IST

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