Pivot point for MCX Crude at Rs 6,300; Natural Gas Rs 441

On the downside, the MCX Crude Oil futures can re-test its recent low around Rs 5,850-level; whereas, the next support for beaten-down Natural Gas contract stands at Rs 401.

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).