MCX Crude Oil may soon breakout; Bias negative for Natural Gas below Rs 224

The anticipated trading band for the MCX Crude Oil futures has got narrower to Rs 6,180 - Rs 6,660. Broader trend for Natural Gas remains weak as the commodity trades below 200-WMA.

The MCX Crude Oil futures have retraced for the twelfth time in the last three months after facing resistance around its 100-DMA. However, with the trading band getting narrower over the last couple of weeks a breakout seems to be on the cards in the near term.

Here's how Crude Oil and Natural Gas futures are placed on the charts.

MCX Crude Oil

Bias: Range-bound

Last close: Rs 6,408

Support: Rs 6,420; Rs 6,390

Indicative Range: Rs 6,180 - Rs 6,660

Yet again the MCX Crude Oil futures changed course after testing resistance at the 100-DMA. In the past three months, Crude prices attempted to conquer the