MCX Crude Oil has to hold above Rs 7,350; Natural Gas may see sharp moves

The overall bias for Crude Oil remains negative, however, select momentum oscillators have turned positive on the daily chart. Natural Gas futures could see sharp directinal moves, hints ADX indicator

The MCX Crude Oil August futures have crossed the 20-DMA after more than two months, the commodity needs to sustain above Rs 7,350 for reviving hopes of a pullback. On the other hand, bias for Natural Gas futures remain positive, however, the commodity is likely to see sharp directional moves in the near term.

Crude Oil

Bias: Neutral

Last close: Rs 7,504

Resistance: Rs 7,530; Rs 7,840

Support: Rs 7,350; Rs 7,110

The MCX Crude Oil futures are seen respecting the 50-WMA (Weekly Moving Average) support for the fourth straight week so far on a closing basis. The 50-WMA currently stands at Rs 7,105.