Bias negative for MCX Crude Oil; Natural Gas may slide below Rs 500-mark

The bias for MCX Crude Oil September futures is likely to favour the bears as long as the commodity trades below Rs 7,170; For MCX Natural Gas futures the key support range of Rs 630 - Rs 620.

The bias for MCX Crude Oil September futures is likely to remain negative as long as the contract trades below Rs 7,170-level; Similarly, the upside for Natural Gas futures seems capped around Rs 718. On the downside a steep fall towards it 200-DMA cannot be ruled out.

Crude Oil

Bias: Negative

Last close: Rs 6,928

Resistance: Rs 7,170

Support: Rs 6,600; Rs 5,800

The MCX Crude Oil futures have been trading below the key - 20, 50, 100 and 200-DMA (Daily Moving Averages) for the last five straight trading sessions. Further, the 20-DMA (Rs 7,251) is below 50, 100 and 200-DMAs, thus indicating that