MCX Crude Oil range narrows; Natural Gas up 39% from lows; what next?

The Bollinger Bands suggest a likely trading range of Rs 6,070 - Rs 6,650 for the MCX Crude Oil futures; whereas, Natural Gas futures need to sustain above Rs 231 for the pullback to continue.

The MCX Crude Oil futures continue to exhibit a range-bound trade with the anticipated trading band now getting narrowed down to Rs 600-odd range. Meanwhile, after a sharp fall of 72 per cent Natural Gas futures have finally witnessed a notable pullback rally in the last one week or so.

Here's how these two energy-based commodities are placed on the charts.

MCX Crude Oil

Bias: Range-bound

Last close: Rs 6,402

Indicative Range: Rs 6,070 - Rs 6,650

For the fourth time in the last three months, the MCX Crude Oil futures bounced back after testing support at the lower-end of the Bollinger Band on the daily