Key support for MCX Crude Oil near Rs 6,200; Natural Gas may consolidate

The MCX Crude Oil December futures could test Rs 7,100-level on the upside as long as the commodity manages to sustain above the 100-WMA support.

The MCX Crude Oil futures seem to be seeking support around the 100-WMA (Weekly Moving Average) placed at Rs 6,235. As long as the commodity manages to sustain above it, a pullback to Rs 7,100-level seems possible in the short-to-medium term. On the other hand, Natural Gas futures need to conquer the hurdle at its 100-DMA.

Crude Oil

Bias: Cautiously Positive

Last close: Rs 6,422

Target: Rs 7,100

Support: Rs 6,235; Rs 6,180

Resistance: Rs 6,550; Rs 6,850

After having tumbled over 37 per cent from its June high of Rs 9,635, the MCX Crude Oil futures now seem to be seeking support around the 100-WMA at