Bias for MCX Crude Oil still negative; Natural Gas seeks support at 100-DMA

The MCX Crude Oil September futures may trade in a broad range of Rs 6,550 to Rs 7,150 this week. MCX Natural Gas futures seem to be finding support around the 100-DMA.

The bias for MCX Crude Oil September futures is likely to remain negative as long as the contract trades below Rs 7,150-level. Meanwhile, the Natural Gas futures are seen taking support around the 100-DMA for now.

Crude Oil

Bias: Negative

Last close: Rs 6,944

Resistance: Rs 7,150

Support: Rs 6,765; Rs 6,550

The MCX Crude Oil futures staged a smart pull-back after testing a low of Rs 6,513 last week. The commodity future so far this week has touched a high of Rs 7,073. Despite, the pull-back the overall bias remains negative for Crude Oil as the commodity trades below all its key moving