MCX Crude Oil may break Rs 5,000-mark; Natural Gas remains weak

The MCX Crude Oil futures seem on course to test the 200-WMA placed at Rs 5,000. However, given the indications from momentum oscillators, the commodity may break the support level.

The MCX Crude Oil futures have cracked heavily in recent trading sessions, and are now trading with a negative bias on multiple time-frames. The momentum too is clearly in favour of the bears, hence further losses seem likely.

Here's how Crude Oil and Natural Gas futures are placed on the charts.

MCX Crude Oil

Bias: Bearish

Last close: Rs 5,526

Target: Rs 4,600

Support: Rs 5,000

Resistance: Rs 5,600 - Rs 5,850

The MCX Crude Oil futures have cracked sharply in the last few trading sessions, and presently trending with a negative bias on multiple time-frames. 

As per the daily and weekly chart, the near-term bias is likely to