MCX Crude Oil may turn rangebound; Natural Gas tests key support at Rs 520

The MCX Crude Oil futures are likely to trade in a broad range of Rs 6,900 - Rs 7,770 in the near term. Natural Gas futures can pullback to Rs 580, is support at Rs 520 is sustained.

The MCX Crude Oil futures may remain trapped between the key moving averages for some time, indicating a broader trading range of Rs 6,900 to Rs 7,770. On the other hand, the MCX Natural Gas futures were seen testing the key 200-DMA support once again, if the energy-based commodity can sustain above Rs 520, prices can pullback to Rs 580 this week.

Crude Oil

Bias: Range-bound

Last close: Rs 7,375

Support: Rs 7,064; Rs 6,896

Resistance: Rs 7,607; Rs 7,770

After briefly crossing the 200-DMA (Daily Moving Average) in recent days, the MCX Crude Oil futures has once again turned volatile as the fight between bulls