Key support for MCX Crude Oil at Rs 7,550; Natural Gas may be range-bound

The MCX Crude Oil futures has near support at Rs 7,550, below which it can slide towards the 200-DMA. Natural Gas need to sustain above the 20-DMA to maintain its positive bias.

The MCX Crude Oil futures continue to trade below its key moving averages - 20-, 50- and 100-DMA (Daily Moving Average) on the daily chart. The bias too seems clearly in favour of the bears, with the possibility of oil prices testing the 200-DMA around Rs 7,150-odd level. However, the energy-based commodity has some near support around Rs 7,550.

Crude Oil
Bias: Negative
Last close: Rs 7,670
Resistance: Rs 8,150, Rs 8,300
Support: Rs 7,550
Downside Target: Rs 7,150

The MCX Crude Oil futures are currently seen testing resistance around the lower-end of the Bollinger Band on the daily charts at Rs