Upside for crude oil capped at Rs 7,700; Natural Gas faces hurdle at Rs 492

On the downside, the MCX Crude Oil futures have near support at Rs 7,205 and Rs 7,027 levels. Meanwhile, if Natural Gas futures sustain above Rs 492, they can rally past the Rs 535-level.

The overall price-to-moving averages action is negative for MCX Crude Oil futures, hence the upside seems capped around the 200-DMA. On the other hand, outlook for Natural Gas futures seems mixed, with the 200-DMA at Rs 492-level holding the key.

Crude Oil

Bias: Negative

Last close: Rs 7,318

Target: Rs 6,110

Support: Rs 7,205; Rs 7,025

Resistance: Rs 7,475; Rs 7,700

The MCX Crude Oil futures, since the breakdown in early July, seem to be struggling to sustain above the key moving averages. The overall price-to-moving averages action is also negative, as the long-term (200-DMA - Daily Moving Average) is fairly above the other shorter term moving