The MCX Crude Oil futures and Natural Gas futures are seen trading with a negative bias on multiple time-frames. In the process, indicating a possibility for these commodities to test long-term moving averages on the downside.
Crude Oil
Bias: Negative
Last close: Rs 6,340
Target: Rs 4,800
Support: Rs 6,165; Rs 5,850
Resistance: Rs 6,800
The MCX Crude Oil futures seem traded sideways in the last five trading sessions, and have consistently face some resistance around the short-term moving average (20-DMA).
The 20-DMA stands at Rs 6,300, and is a pivot point for Crude Oil prices going ahead as it also coincides with the 100-WMA (Weekly Moving Average).