Strong support for MCX Crude Oil seen at Rs 6,850, Natural Gas at Rs 475

On the upside, MCX Crude Oil November futures can jump to Rs 7,250-level, whereas Natural Gas futures can gain momentum above Rs 510-level.

The MCX Crude Oil November futures are seen testing support around the lower-end of the Bollinger Bands on the daily chart. Similarly, Natural Gas futures are testing support around the 20-DMA. Hence, a short-term pullback in these energy based commodity seems possible.

Crude Oil

Bias: Negative; short-term pullback possible

Last close: Rs 7,041

Target: Rs 6,360

Support: Rs 6,850

Resistance: Rs 7,253; Rs 7,411

After testing the higher-end of the anticipated trading band earlier this month, the MCX Crude Oil futures are now seen testing support at the lower-end of the anticipated trading around Rs 6,850.

The Bollinger Bands on the daily chart indicate a likely trading band