MCX Crude Oil may re-test Rs 7,700 soon; Natural Gas needs to hold Rs 518

On the downside, the MCX Crude Oil futures can decline to Rs 7,110-level. On the other hand, Natural Gas futures are likely to test support around Rs 487-level; the bias remains negative.

The MCX Crude Oil November futures have given a buy signal on the weekly Fibonacci chart; hence the commodity may witness a sharp pullback during the course of the week towards Rs 7,700--odd level. On the other hand, Natural Gas futures need to sustain above Rs 518 for a meaningful bounce.

Crude Oil

Bias: Negative; short-term pullback possible

Last close: Rs 7,340

Support: Rs 7,215; Rs 7,030

Resistance: Rs 7,710

The MCX Crude Oil futures once again has retraced after testing resistance at its 200-DMA (Daily Moving Average), placed at Rs 7,710. The commodity has been unable to sustain above the same, since it