MCX Crude Oil resistance seen at Rs 7,435; Natural Gas faces Rs 515-hurdle

On the downside, the MCX Crude Oil futures have near support at Rs 7,111 and Rs 7,039 levels. Meanwhile, Natural Gas futures likely to get considerable support around Rs 486.

Both the energy based commodities, the MCX Crude Oil and Natural Gas futures are trading with a negative bias on the daily and the weekly chart. The 20-WMA at Rs 7,435 is likely to be a key hurdle for the MCX Crude Oil futures, whereas Rs 515-level should act as a stiff near-term resistance for the latter.

Crude Oil

Bias: Negative

Last close: Rs 7,238

Support: Rs 7,111; Rs 7,039

Resistance: Rs 7,435

The MCX Crude Oil futures are trading below key moving averages, both, on the daily and the weekly charts. In the near term, the energy-based commodity has near resistance around Rs 7,290 and