MCX Crude Oil may soon test 200-DMA; Bias for Natural Gas turns neutral

The MCX Crude Oil futures could dip briefly below the 200-DMA at Rs 7,275 indicates the weekly momentum oscillators. Bias for Natural Gas futures no longer negative.

The MCX Crude Oil futures are within striking distance of its 200-DMA, the key support level which it has been respecting so far. However, the bias remains negative; hence a brief break of the same cannot be ruled out. Meanwhile, the trend for Natural Gas futures has turned neutral from negative.

Here's what expect from the two energy-based commodities in the near term:

Crude Oil

Bias: Negative

Last close: Rs 7,505

Resistance: Rs 7,830, Rs 8,260

Support: Rs 7,345, Rs 7,275

The MCX Crude Oil futures are trading precariously close to its long-term (200-DMA) moving average on the daily chart. The 200-DMA at Rs 7,275 and the