Bias for MCX Crude Oil still negative; Upside seems capped for Natural Gas

The MCX Crude Oil futures are likely to trade with a negative bias as long as the commodity trades below Rs 8,200. Whereas, Natural Gas futures face near resistance around Rs 604.

The MCX Crude Oil futures staged a sharp rebound after near about testing its long-term moving average (200-DMA) last week. Despite, the pullback the overall bias for Crude Oil futures remain negative. Meanwhile, Natural Gas futures are likely to remain rangebound in the near term.

Crude Oil

Bias: Negative

Last close: Rs 8,064

Resistance: Rs 8,200, Rs 8,400

Support: Rs 7,450, Rs 7,200

The MCX Crude Oil futures came within striking distance of its 200-DMA (Daily Moving Average) last week and then rebounded sharply. The energy commodity from a low of Rs 7,274, rallied to a high of Rs 8,350 on Monday.

Despite, the sharp pullback the