Home / Markets / Commodities / Here's why MCX Crude Oil can crack to Rs 4,800-level; Natural Gas Rs 280

Here's why MCX Crude Oil can crack to Rs 4,800-level; Natural Gas Rs 280

The MCX Crude Oil and Natural Gas futures seem to be placed on a slippery ground on multiple time-frames, as per the charts.

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5 min read Last Updated : Dec 07 2022 | 10:46 AM IST

The MCX Crude Oil futures are seen trending with a negative bias on the short- and medium-term charts. The commodity has dipped below its 20-MMA (Monthly Moving Average) for the first time since December 2020. Meanwhile, Natural Gas futures are currently seen testing support around the 20-MMA at Rs 440-odd level.

Here are FOUR reasons why charts indicate that MCX Crude Oil futures could crack all-the-way to Rs 4,800-level.

Crude Oil

Bias: Negative

Last close: Rs 6,141

Target: Rs 4,800

Support: Rs 6,052

Resistance: Rs 6,250; Rs 6,325

1. The MCX Crude Oil futures have been trending downwards post November 07, 2022, after the contract

Topics : Crude Oil Price Natural gas price commodity trading Commodity derivatives Trading strategies technical charts technical analysis F&O Strategies Market Outlook

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